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Section ill
A new steam age
Hydrogen power on
the road
Pages
-*■»*** flW'S
TIMES
Wednesday July 3 1992
EUROPE’S BUSINESS NEWSPAPER
D8523A
»
KIO’s principal
Spanish company
may '
The Kuwait Investment Office's main Spanish,.;; ? .“
holding company, Torres, js in danger of defaultii^
on a £100m ($192zn) convertible bond, should Togas*
large chemicals affiliate, Efctos. press ahead . •;_
with a decision last week to; file for protection ;
from its. creditors. . ; -i' ' ;
The Eurobond, issued in 1988, is gWanjeed; H
by Torres, which owns' 40 per cent of Ercros. / .. .
“If Ercros files for protection, it could w^H trig-’"*
ger . . . default, ’’-said David Norris, a director JT.-7:?'
of the Law Debenture Trust Corporation, trustee ;
of the bonds. Page 14 V* i
WaH Streets Blue chip stocks were marked . \
down substantially, as a result of uncertainty "
over prospective second-quarter corporate earnings
figures. The Dow Jones industrial average ended/ -.
44.03 points lower, at 3,295.17, based on early. ■
and unofficial data Page 36
Sanyo Electric, Japanese electronics company,
has filed anti trust and breach of contract suits
in the US against Texas Instruments, US semicon¬
ductor maker, following the breakdown of year-long
negotiations over a semiconductor cross-licence
agreement Page 14
Note of protest struck over Queen
The design of a new
plasticcoated AusfraDan
55 banknote has stirred
opposition in Australia,
lire new note, held • '
above left by David
■ Wallace of a Sydney
^ i coin exchange, replaces
the design featuring
_ _ Caroline Chfehbim .
(below), a 19th century Australian social worker. -
Gordon Andrews, designer of the original note,
said the new design could “look a little .bit silly”
in a few years if Australia becomes a republic.
Bonn tax revision: Germany’s' taxation reform ‘
programme has advanced further with agreement -
on a scheme for a 30 per cent withholding tax
on investment income, to take effect at the start .
of 1993. Page 14 . '
Anglian Group, UK double glazing company,
became the latest victhnof nervous stock markets
when the public took up only 6 per cent of shares
on offer to them in the flotation. Page 15; Lex,
Page 14
Franco Telicom, state-owned telecom¬
munications company, is in talks with .'two of
Europe's main computing servicesxonipames. ..
which could lead' to it taking a stake in either
or both. Page 15
UK's new defence poMcy- Britain set out
its post Cold war defence strategy in a document
designed to allow it to respond to a threat anywhere
in the world, not just in Europe. Page 7
British Alrways appears to be closer to
achieving its long-term ambition of linking up
with a large US carrier and increasing its penetra¬
tion of the American market after talks with ;
USAir. Page 15; JAL may entroutes. Page 19 ' •
UN inspectors , blocketh Iran barred UN
inspectors from its agriculture ministry for a
third day in defiance of a Security Council demand
under the Gulf war ceasefire. The inspectors want
to search the building for ijnwmiiwifaitinn on Iraqi
ballistic missiles, according to diplomats.
GEC's strategy put to the test :
Britain’s General Electric
Company built a ring
of joint ventures around
itself in 1989 when
it was threatened by .
takeover. Now generat¬
ing a third erf group turnover, they make it .
extremely unlikely it will ever be broken up.
But is there a risk of GEC dissolving gently as
it loses control to partners with stronger manage¬
ment, international market positions or technology?
Part Three of a series, Page lO
Anger over planned US imports curtn
American car importers and foreign carmakers
attacked legislation to be discussed today which
would force Japan to negotiate a quota of 1.65m
units or face US retaliation. Page 5
Euro-ruling backs UK government: The
European Court ruled that British men could
legally be required to pay social security contribu¬
tions for longer than women. Page 7
Bowler fined: Pakistan bowler Aqib Javed
was fined half bis match fee and team, manager ■
Intikhab Alam reprimanded as a result of dissent
in the third C-omhill Test match at Manchester. '
The game with England ended in a draw.
AT THE
CROSSROADS
■ STOCK MARKET INDICES
PT.SF Iflfr
—2317
1+24 7)
FT6E Eurotrack 100
-1.129J3
1.19&B7
M- 26)
(405%)
1-05%)
H9752)
FT-A World index _
_ 139JH
1BJ59JG
New Tort
Dot Jonas tod Ave _ 335.17
s&p sum me _ mis
■ US CLOSING HATES
(-4453)
K68)
_
(3,W
(33%]
(104%)
. (7.618%)
S-moTreas Ws:YW
~12S%
YWrt ... . .
. 7595%
■LONDON MONEY
3-fia (raertank -
— w«%
1109b)
Lffle tong gat future _Mp99A (Sep 99^)
■ NORTH SEA OIL (Argus}
Brent 15-djy (Aug)
■ Gold
JS3&SX (20.625)
New York Coma* (Aug) _?W7.1 (347)
London _ _ ^ _ SS4&85 (34655)
■ STERLING
New Yortc
S 1S332
London:
S U26
DM . 2J85
FFr
SFr
Y 2333 (237.75)
£ index 93J
(1-311)
m
(2JB9)
9.7126 (97325)
2595 (25875)
(?25)
■ DOLLAR
New Yortc
DU
1383
(1.5125)
FFr
5J15
(5584)
SFr .
L34QB
.0-355)
Y
124JS (124325)
London
:w
1498
(1-513)
FFr
JL0425
(5.095)
SFr
1.347
(14545)
Y
1244
(1245)
State
605
(608)
Tokyo dose Y 124.17
Austria ScfOO Hungary R182 Malta LmOSO SA/afca SfSJW
Hanraw OttVtiWO Iceland IKrlBO Morocco MOill Singapore SW.10
Bdgbm SFrtO Inilta . Rs20 Itttt FI 3B Spate Pta20O
crcnn CC1S0 Indonesia Hp38O0 Wgaria NafaaSD SMdM SKT14
Czadi Kes3S Israel SN&50 Moray NK/1500 SwHr S MJ30
Denmark DKfli Ks*y . L2HM Oman OA120 Thertaod Bfat50
Sgyw EE400 Jordan JW20 PaUatan IMS TunMa.-Omt.MO
FWand r pino Korea Won SOD. Philippines Turkey Lfiooo
Franca . FFrtffl! KuwaR ‘ Wand 3.14000 IME . DM.00
Gerrany DUMP tatwwn usn JS Porwgal EeiSO
Greece DrSO Lib LEriO Qaar QfltOOO
is shake silver market with sale of 600 tonnes
^Kenneth Gooding, Mining
Corredpondftnt, in London
THE National Commercial Rank
of Jeddah, Saudi Arabia's sole
private bank and one with close
^ties tq the royal family, sold at
-ledst 20m troy ounces - or 622
tonnes - of silver, worth~about
: 580m, - in only two hours yester¬
day."-./
- . .Traders ' linked the huge sale
. with yesterday’s announcement
of- the resignation of Sheikh
Khalid bin Mahfouz, the fowdi
bank's deputy general manager
rand. chief operating officer, who
was indicted in the US last week
on charges related to the col¬
lapsed Rank of Credit and Com¬
merce International.
- - The metal sold was equivalent
to about 5 per cent of annual
worldwide demand for silver.
At one stage, the silver price in
London was driven down from
$4.06 an ounce to &S2, its lowest
level so far this year. The turmoil
. in Europe . was . reflected In
. futures trading on the New York
Commodity Exchange, where (he
most active September silver con¬
tract was down 21.8 cents an
ounce at one point at $3,835.
Prices recovered slightly later
and silver closed in. London at
$3.87 an ounce.
Sheikh Khalid and a London-
based associate were charged by
a US grand jury less than a week
ago with scheming to defraud
depositors, regulators and audi¬
tors of BCCL
Sheikh Khalid has described
the charges as “completely
unwarranted and without justifi¬
cation”.
Announcing yesterday that
Sheikh Khalid’s resignation had
“reluctantly” been accepted.
Sheikh Mohammed bin Mahfouz,
chairman of the NCB, said: “We
are fully confident of Sheikh
Khalid's innocence.”
Analysts suggested the market
would take some rime to digest
the metaL
Mr Andy Smith, analyst at the
Union Bank of Switzerland, recal¬
led that the same bank had hit
the gold market in a similar way
with large sales in March 1990.
when it sold about 100 tonnes of
gold, equivalent to about 5 per
cent of world supply, and drove
the price down by $20 an ounce
to $368 in a few hours. “It took
the gold market several months
to settle down after that.” Mr
Smith pointed out
Mr Ted Arnold, analyst at Mer¬
rill Lynch, said; “So much silver
came back to the market in such
a short space of time that It Is
difficult to see how it can
recover.”
Silver is used mainly by the
photographic and electronics
industries and demand fell
slightly last year to 54lm ounces.
Production has fallen far
behind demand as mines have
closed because of depressed
prices. But there are probably
lbn ounces of metal held by
Investors who were encouraged
to buy in 1987 when the price
rose above $7 an ounce.
Saudi banker quits. Page 6
Silver
Cents per troy ounce
440
430
420
410
400 -
390
380 1 - • -
Jan
Souice: Dana ream
1992
Jui
Western leaders condemn warring factions in former Yugoslavia
G7 ‘would back aid with force’
By Robert Mauthner fn Munich
WESTERN leaders warned the
warring sides in Bosnia-Bercego-
vina yesterday that they would
be prepared to use military force
to ensure humanitarian aid
reached Sarajevo, the republic’s
capital, if the international airlift
is endangered;
In one of the most outspoken
statements ■ on the crisis in the
former- Yugoslavia by any inter¬
national forum, the leaders erf the
Group of Seven industrialised
nations strongly condemned
those responsible for . the vio¬
lence. The Serbian leadership and '
the Serb-dominated Yugoslav
army bore the greatest responsi¬
bility, they said. ' •
The declaration came as shoot¬
ing, including tank ' rounds,
erupted in Sarajevo in the worst
^ fighting since a partial ceasefire
was agreed last month.
' After appealing to all partieain
Bosnia not to imperil humanitar¬
ian-aid or endanger the lives of
those engaged in the relief opera- -
tion, the G7 leaders said: ‘’Should
tbese efforts fail due to an unwill¬
ingness of those concerned to
fully co-operate with the United
Nations, we believe the Security
Council will have to consider
other measures, not excluding
military means, to achieve its
humanitarian objectives.”
' -The special declaration on
Yugoslavia made clear the Sara¬
jevo airlift could only be the
beginning of a larger humanitar¬
ian effort an the transport of aid
by road to Sarajevo and other
needy parts of Bosnia-Hercego-
vina must also be guaranteed. -
Although all subscribed, to the
declaration, the G7 members dif¬
fer in willingness to contemplate
force. France is in the forefront
of those believing a military
effort win be required and Presi¬
dent Francois Mitterrand has
been putting forward various
ideas to his colleagues on how it
oouM be organised.
One is that a combined force of
troops from the UN and the nine-
nation Western European Union
should ensure the safety of. aid
convoys, operating undo' a new
mandate of the UN Security
Councfl. An ad hoc group of WEU
officials has been considering
contingency, plans for operations
in the former Yugoslavia and a.
special meeting of WEU foreign
ministers is. due. to discuss, the
situation in the margin of the
summit of the. Conference on
Security and Co-operation in Hel¬
sinki this week.
The US has been much more ’
circumspect. Mr James Baker.
Hungry inhabitants of Sarajevo show their identity cards to police manning a relief distribution point yesterday
Tapie sells
control of
Adidas to
Pentland
By Alice Rawsthom In Paris and
Peggy Holllnger in London
PENTLAND Holdings, the UK
consumer products company,
yesterday agreed to buy Adidas,
the German sporting goods
group, from Bernard Tapie
Finance, in a deal worth worth
DM621 ra ($408ra).
The deal, which values Adidas
at FFr3.1bn ($600m). ends specu¬
lation about the direction of cash-
rich Pentland, which made its
fortune by investing $77,500 in
Reebok. now one of Adidas'
rivals, when it was an unknown
US sports shoe company.
The total yield on its 55 per
cent stake in Reebok, taken in
1981, was $777m.
The UK company first set its
sights on Adidas last summer,
when it negotiated the purchase
of 20 per cent stake and an option
on a further 5 per cent in BTF for
£46m ($88m).
Mr Frank Tarrant, Pentland's
finance director, insisted the
company had not been •‘bounced
into a deal" following widespread
press speculation about possible
management bids offering DMlbn
for Adidas last week.
“Pentland had always made it
clear we would be very interested
in taking control of this company
at the right price," Mr Farrant
said. “If you look at the price we
paid relative to the DMlbn that
the US secretary of state, said
yesterday that it was obvious
that humanitarian supplies had
to go in by land as well as air,
but stressed it was “unlikely” the
US would send in ground forces
to provide protection for trucks.
While the US has made clear
that it is prepared to use military
aircraft and naval ships to ensure
the safety of the aid airlift and
any future land convoys, it would
leave the provision of ground
forces to “other countries”,
according to General Brent Scow-
croft, President George Bush’s
national security adviser.
Britain has been “at the cau¬
tious end erf the spectrum”, in the
words of Mr Douglas Hurd, the
foreign secretary. But even Mr
Hurd, while categorically ruling
out the use of British ground
troops, was forced to admit that
the humanitarian aid airlift was
a “risky and dangerous" opera¬
tion.
However, British officials, like
their American counterparts,
consider there are enough other
countries which would volunteer
to provide ground forces.
The declaration raised the pros¬
pect of transforming the Euro¬
pean Community's peace confer¬
ence chaired by Lord Carrington
into a wider international confer¬
ence under joint EC- UN auspices.
Lord Carrington will fly to New
York later this week in line with
the G7’s desire that there should
he close consultations between
the EC conference, the UN and
the other parties concerned with
the Yugoslav crisis. Mr Hurd, in
his role as current president of
the EC Council of Ministers, will
visit Sarajevo, Belgrade, Zagreb,
Ljubljana, Tirana and Skopje
next week.
Continued on Page 14
Lex, Page 14
Background. Page 15
The Munich Summit, Page 2
The betrayal of Bosnia. Page 3
Editorial Comment, Page 20
French truckers reach accord
By William Dawkins in Paris •
FRENCH lorry drivers’
representatives accepted an out¬
line accord on pay - and working
conditions yesterday, but vowed
to keep up the pressure on the
government in their nine-day
stoppage.
The move, which comes as.
some of the barricades are being
dismantled, is a significant climb-
down by lorry drivers’ organisa¬
tions in the face of the govern¬
ment’s determination to hold on
to the principle of tough new
licence regulations. Under the
new rules drivers could be ban¬
ned, if they clock up six penalty
points. However, the organisa¬
tions added that this was only
the start of negotiations.
Progress was slow in clearing
the blockades which have left
thousands of motorists and for¬
eign lorry drivers stranded. By
the early afternoon the govern¬
ment reported that more than a
third of the roadblocks bad been
lifted, though sporadic fresh pro¬
tests broke out in new areas.
Farmers blocked trains in the
Loire valley. In protest against
supply shortages and European
Community agriculture policy
reforms.
The two main professional
bodies, FNTR and Unostra, yes-
CONTENTS
terday called on lorry drivers to
abandon their barricades, but to
continue to strike.
The shift from open anarchy to
the first stages of negotiation
came as a result of an overnight
meeting between the govern¬
ment, unions and the two main
driver employers’ organisations
to draft plans to soften the
impact of .the new rules, which
came Into effect on July 1.
Truck drivers argued that the
rules would put many of them
out of work because they could
not avoid breaking the law on the
Continued on Page 14
France’s shortages grow. Page 4
News
FUtam
- 11
European News _
_ 3.4
Leader Page
_ 12
Foreipi Exchanges _.32
Gold Markets _ 24
Equity Options _ 20
.. 2
Companies
UK - -
Wereationai Nots-
_ 6
GEC Earles ' _
- 10
—.2153
Amer lean News
World Trade News'.
. -5
Observer.^.. _
- - 13
tell. Cap Mho . ..
Inti. Companies
Markets
Commodities _
ft Actuaries ... .
. 20
. 18.13,19
Managed Funds _ 28-32
Money Maritas 32
_ .7
Snare Intormatton 26,27 ,36
London SE _ _ 25
La* _ _ _ _
14
Arts
- 11.
- .25
Wall Street .
-33-36
Bourses - 3356
Survey
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FINANCIAL TIMES WEDNESDAY JULY 8 1992
NEWS: THE MUNICH SUMMIT
EC farm subsidies remain stumbling block
Major fails to
revive trade talks
By Peter Norman In Munich
and David Dodweil in London
— — THE high-risk
bid by Mr John
\ Major. British
' prime minister,
to revitalise
the Uruguay
Round of trade
liberalisation talks failed yes¬
terday.
British officials had insisted
the prime minister would take
up the issue of the stalled trade
talks vigorously in bilateral
talks with France’s President
Francois Mitterrand yesterday
afternoon. In the end, however,
Mr Major said nothing, after
the French president made it
clear he would not support any
breakthrough during the
Munich summit.
Even before he met Mr Mit¬
terrand, Mr Major’s proposals
to break the deadlock had been
frustrated. UK officials who
had appeared optimistic on
Monday evening were visibly
downcast 12 hours later. The
stumbling block remained the
dispute between the EC and
the US on cutting Community
subsidies to farm trade.
Talks early yesterday
between US President George
Bush and Mr Jacques Delors,
EC Commission president,
failed to advance the issue sig¬
nificantly. “No substantial
progress was made," a Com¬
mission spokesman reported.
“If anyone was expecting a
breakthrough this morning, it
did not happen.”
The meeting between the
two presidents and their senior
officials was the culmination of
36 hours of feverish efforts to
push the farm trade talks to a
successful conclusion.
The top-level politicking on
trade started on Sunday night
at a working dinner attended
by Presidents Bush and Mitter¬
rand - well before the formal
start of the summit This was
at odds with widespread offi¬
cial advice before the summit
that the issue was too complex
to unravel while leaders were
meeting under such a powerful
spotlight
The Uruguay Round was
raised again at a bilateral
meeting on Monday between
Chancellor Helmut Kohl of
Germany and Mr Bush. Hopes
rose after the German govern¬
ment spokesman reported that
the two leaders had agreed
negotiations on trade reform
should be continued with vig¬
our and that the two sides
were closer than many people
thought
Also on Monday, Mr Douglas
Hurd, UK foreign secretary and
current fthairman of the EC
council of ministers, met Mr
Frans Andriessen, the Commu¬
nity’s external affairs commis¬
sioner, and Mr James Baker,
US secretary of state. The
three agreed there was a need
to reach a breakthrough to end
the current blockage.
Mr Hard's judgment -
RESOLUTION FROM
LAST YEAR’S SUMMIT
“No issue has more
far-reaching Implications for
the future prospects of the
world economy than the suc¬
cessful conclusion of the Uru¬
guay Round. . . The aim of all
contracting parties should he
to complete the Round before
the end of 1991. We shall
remain personally involved In
this process, ready to inter¬
vene with one another if dif¬
ferences can only be resolved
at the highest level." London,
July 1991
wrong in the end - was that
the US and EC were geared up
to take advantage at once of a
“political push” in the talks.
Mr Major's move was Britain’s
attempt to provide that push.
Details of Mr Major’s propos¬
als remain obscure. It is
thought he proposed extending
beyond the six years proposed
by Mr Arthur Dunkel, Gatt sec¬
retary-general, the period over
which EG farm subsidies
should be substantially
reduced. He also suggested less
radical cuts in the volume of
the EC's subsidised farm
exports than the 24 per cent
proposed in the Dunkel plan.
These ideas - which had
been discussed at official level
for several weeks without suc¬
cess - would have involved
some easing of positions
adopted by the big industria¬
lised countries represented at
the summit, in particular
France and Germany.
The ideas were welcomed by
the US but barely acknowl¬
edged by France, the EC’s big¬
gest food exporter, which
insisted Instead that the US
should respond positively to
recent reforms of the EC com¬
mon agricultural policy. While
French opposition effectively
buried any hope of a break¬
through, the UK made clear it
would continue to press for
progress on the Uruguay
Round and would be seeking
strong language in today's
final summit communique.
Mr Major's initiative was
always risky. Officials from
most G7 countries had warned
that Munich was not the place
to expect a breakthrough on
farm trade, partly because of
the September 20 French refer¬
endum on the Maastricht
treaty. The warning signs were
clear when, in the middle of
last week, officials abandoned
a 10-day push to find a basis
for settlement ahead of the
summit.
Nonetheless, Mr Major
insisted that trade reform was
his “number one priority at the
summit”, driven perhaps by a
desire to put an early British
stamp on the EC presidency.
He won some applause for
his efforts.
Officials from several delega¬
tions suggested that the differ¬
ences among the G7 countries
were not great. Mr Theo Wai¬
gel, German finance minister,
said the protagonists were
much closer than at last year’s
summit in London. One senior
EC official said all that was
lacking was the political will to
reach a settlement.
British officials were left put¬
ting a brave face on the prime
minister's initiative. But they
were unable to hide their dis¬
appointment that the Munich
summit had failed to make
progress on an agreement that
could stimulate world growth
and benefit industrialised,
developing and former commu¬
nist countries alike.
Now leaders face the embar¬
rassing task of drafting a sum¬
mit communique in which
commitments to agree the Uru¬
guay Round sound credible.
Given their forceful calls both
last year and in 1990 for an
early settlement of the Round,
this will be an unenviable task-
Russia ‘must gain control
of monetary expansion’
By Peter Norman and
Jurek Martin
THE LEADERS of the Group of
Seven industrialised democra¬
cies will today stress that Rus¬
sia must gain control over its
rapid monetary expansion if it
is to avoid hyperinflation and
grave social and political insta¬
bility.
According to officials, they
agreed at their summit meet¬
ing yesterday to be “friendly
but frank” and spell out
plainly what the G7 can and
cannot do when Russia's Presi¬
dent Boris Yeltsin joins the
leaders for talks later today.
Mr Yeltsin, who arrived in
Munich last night, will not
leave empty handed, however.
Mr Helmut Kohl, the German
chancellor, yesterday under¬
lined that the G7 would pro¬
vide “help for the Russians to
help themselves.”
A senior US official said he
would take home “a very sub¬
stantial package" comprising
SIbn (£52lm) in credits agreed
with the IMF. a pledge that the
G7 will back rescheduling of
official debts oF $2.5bn and a
further Slbn to be released by
other financial institutions
such as tbe World Rank and
the European Bank for Recon¬
struction and Development.
A Canadian official said the
rescheduling would be a “nor¬
mal” arrangement of the type
that the Paris Club of creditor
Russia was pressed yesterday
by both the G7 In Munich and
tbe Conference on Security
and Co-operation in Europe,
meeting in Helsinki, to with¬
draw Its 130,000 troops from
Lithuania, Latvia and Estonia,
writes our Foreign Staff.
A statement issued for the
G7 by Germany said Russia’s
economic difficulties did not
justify keeping its troops on
the territory of unwilling
countries. A brief CSCE state¬
ment called for “an appropri-
coun tries provides for nations
with debt problems. It would
have a five-year grace period
with repayments over the fol¬
lowing 10 years.
Once rescheduling is agreed,
the way would be open for G7
countries to disburse bilateral
trade credits to Russia, as part
of the $24bn financial support
package announced in April
Altogether, Russia can expect
$ilbn in bilateral flows from
western industrial countries
under the April accord and is
thought to have received
between $4bn and $5bn
already. But some promised
credits have been held up as a
result of growing arrears on
existing debts.
According to Mr David Mul-
ford, the US treasury under¬
secretary for international
affairs, it is “possible” that the
planned $6bn rouble stabilisa-
ate bilateral agreement.
Including timetables, for the
early, orderly and complete
withdrawal” of the troops.
The three Baltic states have
demanded that troops should
begin withdrawing immedi¬
ately and complete an interna¬
tionally supervised pullout by
the end of next year.
Russia says it has nowhere
to house those forces and no
money to build accommoda¬
tion and wants to extend the
withdrawal until 1998.
tion fund could be activated by
the end of the year.
However, for that to happen
President Yeltsin's government
will have to obtain a firm grip
on credit growth, inflation and
its budget deficit so that the
rouble can acquire stability.
Russia will also have to regu¬
late financial relations with
republics staying in the rouble
zone to ensure its monetary
policies are not undermined.
Mr John Major, the UK
prime minister, is due to start
the GTs talks on economic
matters with Mr Yeltsin today.
In addition to underlining the
need for monetary stabilisa¬
tion, he will stress the impor¬
tance of structural reforms
including privatisation and
land reform and provision of a
safety net to cope with rising
unemployment following clo¬
sure of uneconomic factories.
Drinking partners: German finance minister Theo Waigel (left) enjoys a Bavarian wheat beer with Nicholas Brady, his
US counterpart, during a sausage breakfast on the second day of Die G7 summit yesterday
International co-operation sought
By Robert Mauthner
In Munich
LEADERS of the world's seven
biggest industrial democracies
yesterday adopted a political
declaration proclaiming a new
□on-confrontational partner¬
ship between east and west,
including the Asia-Pacific
region, and expressing strong
support for an enhanced peace¬
keeping and peace-making role
for the United Nations.
Emphasising that the need
for international co-operation
had been underlined by the
Instability and conflicts pro¬
voked by resurgent national¬
ism and inter-ethnic tensions,
as in Yugoslavia, the declara¬
tion also gave a ringing
endorsement of the European
Community’s Maastricht treaty
as “a historic step on the way
to European union”.
“Its implementation will
enhance political stability on
the European continent and
open up new opportunities for
co-operation," the declaration
said, in a clear attempt to
counter the growing public
hostility in several EC coun¬
tries about ratifying the treaty,
in the wake of its rejection by
the Danish electorate.
Noting that the tasks and
responsibilities of the UN had
increased dramatically since
last year’s G7 summit in Lon¬
don, particularly in the field of
crisis prevention, conflict man¬
agement and the protection of
minorities, the seven leaders
expressed firm support for the
efforts of Mr Boutros Boutros
Ghali, the UN sec¬
retary-general, to strengthen
the world organisation's role in
preventive diplomacy and
peacekeeping.
But though the declaration
described Mr Boutros Ghali’s
“Agenda for peace” proposals.
need to curb the proliferation
of nuclear weapons and other
weapons of mass destruction
and the missiles capable of
delivering them. The leaders
expressed their firm conviction
that “the indefinite extension”
of the nuclear Non-Prolifera¬
tion Treaty (NPT) when it
comes up for review in 1995
would be an essential contribu¬
tion to this process.
Countries not yet party to
Need for partnership underlined by
conflicts such as that in Yugoslavia
published last week, as “a
valuable contribution” to the
work of the UN, British offi¬
cials said G7 governments
were still studying his plan for
permanent UN standby forces,
ready to intervene in conflicts
at 24 hours' notice.
Stressing the Importance of
improved co-operation between
the UN and regional organisa¬
tions such as tile Conference
on Security and Cooperation
in Europe, the leaders called
on the CSCE summit in Hel¬
sinki later this week to estab¬
lish a special security forum
and to strengthen the organisa¬
tion's capabilities for conflict
prevention, crisis management
and peaceful resolution of dis¬
putes.
The declaration stressed the
the NPT were urged to join as
soon as possible by the leaders.
In particular, they looked for¬
ward to early adherence to the
treaty, as non-nuclear weapons
states, by Ukraine, Kazakhstan
and Belarus, as well as the
other non-Russian states of the
former Soviet Union, and said
they attached the highest
importance to the establish¬
ment in the former Soviet
Union of effective export con¬
trols on nuclear materials and
weapons.
Underlining the need for the
most effective possible action
to safeguard nuclear materials
and to prevent the transfer or
the clandestine production of
nuclear weapons, the declara¬
tion warned that the offer of
nuclear co-operation by the
western industrialised coun¬
tries would, in future, be condi¬
tional on adherence to the NPT
and the adoption of full-scope
International Atomic Energy
Agency safeguards.
A separate statement issued
by the German chairman of the
conference said the leaders had
also adopted positions on the
following subjects:
• Nagorno-Karabakh: they
deplored the continued fight¬
ing in this region and urged
the parties to cease hostilities
immediately and to participate
in negotiations. “We emphasise
that we shall, on no account,
recognise faits accomplis
brought about by force.”
• Iraq: the leaders noted that
Iraq still refused to comply
with all resolutions of the
Security Council without reser¬
vation. They said they would
continue to demand elimina¬
tion of all Iraqi weapons of
mass destruction and release of
all prisoners. It was essential
for Baghdad to comply with
Security Council resolutions so
that food and medical supplies
could be distributed on an
equitable basis.
• South Africa: the leaders
called on all sides to resume
negotiations as soon as possi¬
ble and to make greater efforts
to prevent violence. Sustain¬
able economic growth was
essential for an enduring solu¬
tion of the country's problems.
Bush winning few votes
with folks back home
•>' c .
. - . N
George Bosh: taking a to ads seat
By Jurek Martin hi Munich
MR NICHOLAS BRADY can be more frank
than most Tbe US Treasury secretary was
going through his standard spiel for Amer¬
ican journalists about why this summit
promoting international economic growth
mattered to election year voters back
home when he allowed himself what
amounts to a confession.
“Has it been well sold? Has that thought
been well sold? No.” he said. "Has a better
Job got to be done on it? Yes."
The more political of the White House
spin doctors would not normally admit as
much, but Mr Brady bad put his finger on
a problem. Unless some rabbit can be pal¬
led out of the summit hat - and it is hard
to see what it will be - the political bene¬
fit of President George Bush’s attendance
here does not appear to be very great.
Mr Bush's presumed edge over Bill Clin¬
ton and Ross Perot is experience and com¬
petence in foreign policy. This may not be
decisive In a year when domestic concerns
are paramount, but in a close race every
little bit helps.
That was certainly the case on Sunday
in Warsaw when he was able to play the
role of the popular statesman abroad and
bask in the warmth of bis reception. With
12m Polish Americans' back home, the
endorsement of President Lech Walesa
counts, and the pictures were lovely.
Munich is messier, mostly because the
news out of here is essentially indecisive.
While it may matter that serious discus¬
sions have taken place on Gatt and on
Yugoslavia, as well as on the international
economy, the inability on all fronts to
achieve what can be portrayed as decisive
breakthroughs makes the selling of the
summit, to apply Mr Brady’s words to the
geopolitical, that much harder.
Nor, half way through the event, does it
appear that Mr Bush has been playing the
role of primus inter pares. To the extent
that initiatives have been evident at all
they have come from Mr John Major and
Mr Jacques Delors on Gatt, Mr Francois
Mitterrand on Yugoslavia and Mr Michel
Camdessus, IMF managing director, on his
negotiations with the Russians
Given the intractability of all three
issues, Mr Bush may have calculated that
to be exposed on any of them would carry
more risk than reward. But it has also not
helped the presentation of his performance
to Us domestic audience that the principal
conduit, the White House press corps, has
been isolated at a remote hotel and fed a
diet of thinnfah, almost defensive, gruel. It
has not resulted in favourable coverage.
This is not yet irredeemable, nor, in the
greater and longer scheme of things, may
it matter. But Mr Bush may recall that
since Rambouillet in 1975, two of the three
wttunbent US presidents who hoped that
summits would give them a boost - Ger¬
ald Ford in 1976 and Jimmy Carter in 1980
- went on to lose. Ronald Reagan had It
easy m 1984, but by the time he got to the
Londcm summit he was already home and
dry. Mr Bush is not
WE, the leaders of our seven
S countries and tbe represen-
tatives of the European Com-
^ m unity, are deeply con¬
cerned about the ongoing Yugoslav
crisis.
We strongly condemn the use of
violence in the former Yugoslavia
and deplore the suffering inflicted
upon Its population.
We particularly deplore those
actions directed against civilian
populations as well as the forced
expulsion of ethnic groups.
Although all parties have contrib¬
uted to this state of affairs the Ser¬
bian leadership and the Yugoslav
Army controlled by it bear the
greatest share of the responsibility'.
We support the EC conference on
Yugoslavia chaired by Lord Carring¬
ton as a key forum for ensuring a
durable and equitable political solu¬
tion to the outstanding problems of
the former Yugoslavia, including
constitutional arrangements for
Bosnia and Hercegovina. We call on
all parties to resume negotiations In
that conference In good faith and
without preconditions.
We also welcome close consulta¬
tions between the conference
chaired by Lord Carrington, the EC,
file United Nations and the other
parties concerned with the Yugoslav
crisis.
These consultations could lead to
the holding of a broader interna¬
tional conference to address unre¬
solved questions, including issues
related to minorities.
We stress the absolute need for
the parties in former Yugoslavia to
show the will for peace, which Is
Indispensable to success and with¬
out which the peoples of former
Yugoslavia will continue to suffer.
The tragic humanitarian situation
Text of Yugoslav declaration
especially in Bosnia and Hercego¬
vina is unacceptable. We fully,
endorse the efforts of the interna¬
tional community to provide relief.
We welcome the efforts made in
achieving the opening of the airport
of Sarajevo and we support actions
taken by UNPROFOR (UN protection
force) to secure the airport. The
blockade of Sarajevo most be lifted
and the shelling of the town stopped
In order to sustain a comprehensive
relief operation.
We express our gratitude to all
participants hi the airlift to Sara¬
jevo and the supply of Its popula¬
tion.
We appeal to all parties In Bosnia
and Hercegovina not to imperil the
hmnariltaH^n effort.
We firmly warn the parties con¬
cerned, including Irregular forces,
not to take any action that would
endanger the lives of those engaged
in the relief operation.
Should these efforts fail due to
unwillingness of those concerned to
co-operate fully with the UN we
believe the Security Connell will
have to consider other measures,
not excluding military means, to
achieve Its humanitarian objectives.
The airlift to Sarajevo can only be
the beginning of a larger humani¬
tarian effort. Safe access by road to
Sarajevo as well as to other parte of
Bosnia and Hercegovina in need
must be guaranteed.
The needs of the hundreds of
thousands of refugees and displaced
persons require farther significant
financial support. We are willing to
contribute and ask others aim to
make fair contributions.
We underline the need for Serbia
and Croatia to respect the territorial
integrity of Bosnia and Hercegovina
and for all military forces not sub¬
ject to the authority of the govern¬
ment of Bosnia and Hercegovina to
either be withdrawn or disbanded
and disarmed with their weapons
placed under effective international
monitoring.
We call on aQ parties to prevent
the conflict from spreading to other
parts of the former Yugoslavia^
We urge the Serbian leadership to
respect minority rights in full, to
refrain from further repression in
Kosovo and to engage la serious dia¬
logue with representatives of Kos¬
ovo with a view to defining a status
of autonomy according to the draft
convention of the EC conference on
Yugoslavia.
Sanctions decided by the UN Secu¬
rity Council in resolution 757 as
well as all other provisions of rele¬
vant UN resolutions must be folly
implemented.
We support the efforts of the UN
peacekeeping forces in implement¬
ing the UN peace plan for Croatia in
all its elements.
We demand that Serbs and Croats
extend their foil co-operation to the
UN- peace plan and make every
effort to bring the bloodshed in
Croatia to an raid.
We do not accept Serbia and Mon¬
tenegro as the sole successor state
of the former Yugoslavia. We caU
for the suspension of the delegation
of Yugoslavia in the proceed¬
ings of the CSCE and other A
relevant, international fora j
and organisations. •• . ^
MUNICH NOTEBOOK
Mulroney
wins the
race to
be last
UNLIKELY as it may sound at
such an international circus,
world summits are still about
personal contact, persona]
chemistry, about leaders get¬
ting to know each other.
So body language means
something, and the great aud
good are still not above a little
blatant physical point-scoring.
Take Monday night’s recep¬
tion at the Schloss Nymphen-
burg given by Mr Helmut
KohL It all began with the
leaders arriving (me by one at
tbe great stone staircase, sol¬
emnly ascending and joining
the chancellor on the balcony
to wave at what appeared to
be a small crowd of loyal
retainers, and a hand.
As Is his wont. President
Francois Mitterrand went to
inordinate lengths to arrive
last He turned up a good five
minutes after all his col¬
leagues - or so he most have
thought But it was not so. Be
was beaten for the slot by the
scheming Mr Brian Mulroney
of Canada, who must have
twiddled his thumbs for ages
In his hotel suite to win the
race to keep the others
waiting. Perhaps it was a mes¬
sage for Quebec?
□ □ □
Once on tbe balcony, witness
phase two. As if by magic, all
the great leaders somehow
managed to squeeze to the
front to wave for the televi¬
sion cameras. All that is,
except a man who has shone
in Munich for his unusual
modesty and shyness - Hr
Jacques Delors, president of
the European Commission, fle
was left peeping over Hr Mit¬
terrand’s shoulder.
Perhaps it was deliberate,
for Mr Delors has also been
pretty retiring in the debate
inside the summit In tbe first
main round on tbe world econ¬
omy, he said nothing at aD,
preferring to let the debate
develop. Since then he has
kept well out of the firing line.
The same cannot be said far
the one man who managed to
wheedle his way into that
front line on the balcony when
he should not have been there
Mr Jurgen Mollemann, Ger¬
many’s economics minister
and vice-chancellor, and the
least important member of Hr
Kohl’s team.
Just as Mr Delors was spot¬
ted on television trying to peer
past Mr Mitterrand, Mr Molle¬
mann could be seen poshing
into the picture, just under Mr
Kohl's left shoulder. Those
who know the man are not
surprised.
□ □ □
Summits are also about
meaningful entertainment Hr
Theo Waigel, German finance
minister and leader of the Bav¬
aria-based Christian Social
Union, knows all about it
He began his day yesterday
with a massive Bavarian
breakfast for the press - sup¬
posedly an Intimate occasion
with about 200 mostly German
journalists. Pride of place on
the menu went to the bulging
Bavarian white sausage, a con¬
fection of veal and heibs,
served with sauerkraut, sweet
mustard, and even beer, for
those feeling strong enough-
Not content with such a ster¬
ling start to the day, Mr Wai¬
gel tamed right round and
entertained his fellow finance
ministers to an Identical meal
at 9am. Indeed, his British
counterpart, Mr Norman Lam¬
ent, found the fare so good
that he allegedly went back
for second helpings of white
sausage. There’s no account¬
ing for taste.
Quentin Peel
The Financial Times (Enrofe) Ud
Publicised by The Financial Time*
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N
FINANCIAL TIMES-WEDNESDAY JULY 8 1992
NEWS: EUROPE
Bosnian carve-up in the making
Judy Dempsey on; why a unitary republic may never emerge
THE declaration at the
weekend of a Croatian
state within the borders
of Bosnia-Hercegovina has
prompted fears. It could be too
late for a unitary republic to
enieige from the civil war. '
European Community, peace
efforts, in recent months may
in fact have played into the
hands of Serbia and Croatia,
which agreed secretly last year
to cam up Bosnia along eth¬
nic lines.
The plan was drawn "up : in'
March 1991, by Croatia's Presi¬
dent Frau jo Tudjman and Pres¬
ident Milosevic of Serbia.
Negotiations 'were postponed
after the federal Yugoslav
army, backed by Serbia,
invaded Slovenia in June 1991.
When the federal anay; sop-
ported by Serb nationalists,
attacked Croatia last July,
Zagreb and Belgrade re-started
negotiations on Bosnia.
At the time Bosnia's Presi¬
dent Afija izetbegovic, said;
“Any carve-up of Bosnia would
be sheer madness. This repub¬
lic is an ethnic-patchwork. It
would lead to a terrible blood¬
bath."
Bosnia's Croats, then led by
Mr Stjepan EJjuic, Bosnia’s
Moslems, and the Serbs of
Sarajevo, keen to maintain the
integrity of their multi-ethnic
capital dty," pleaded wth the
EC to send monitors toBosnia.
They also' asked.tife pN to
send pearakbeoing. '.troops,
before it bfccame'Muo: fete to
keep the peace;. -
: But->tr‘>&rrack ■Gonlding,
the. the '
former' Vogoslavia^seddrearlier
this year that it was impossible
to^ndpeac^eepers There-
was no. consensus.- among the
three ethnic groUpskin Bosnia.” .
■ The. ^ cohsmsns^^&i -hot exist
ihr~on^' psafco£;-S$biai reprfr
serrt^ i^ ^Mr, ftatloraB Karad¬
zic, leadeivain&sM^s Serbian
DemocratK^Pi^’‘(sr>l«ster
party of the Calftig party, in
Serbia), . persistently blocked ■
any attemptel>y,'Bbsiiia‘s mod- '
.erate-M^^^Cn^'and'Serb.
communities it^have UN . pea¬
cekeepers deployed-- -./ . v
With; tittlfi^prospect' of the
UN playing ! any- peacekeeping
role ' in .‘Bbcnfa, ^Croatia and
: Serbia ! used tbeoppprtuntty to
co-operate- more, . closely in
dnidihg^Tr^kdilicL. r-
Last Januaryv'fbr example,
RresirieBt Tudjman intervened
in Bosnian politicsby replac¬
ing the moderate Mr KUuic,
head of Bosnia’s Croatian Dem¬
ocratic Union (a gister party of
the ruling party: in Croatia),
with .Mr Mate .Bohan. . .
Unlike Mr Kljulc, who was '
More turmoil
feared in
By Laura Sllber In Belgrade
POLITICAL TURMOIL in the
Raikans worsened last night as
the government of the former
Yugoslav republic of Macedo¬
nia fell after failing' to win
international recognition for
its declared independence.
Collapse of the fragile ruling
coalition raises serious ques¬
tions about the future stability
of Macedonia and casts doubt
on (be political future of Presi¬
dent. Kiro Gligorov, who has
made futile missions abroad to
seek'dipldmatic'' recognition. ■■
The republic of 2m people
- up to' 30 per cent of than
ethnic Albanians - has
strained relations with all four
neighbours: Greece, Albania,
Serbia and Bulgaria.
Greece in particular has
objected to its drive for recog¬
nition, fearing the effects on its
own ethnic minorities. The EC
and US have been reluctant to
go against Greece's wishes.
There has also been pressure
from the ultra-nationalist
VMRO party for closer ties
with Bulgaria, although the
Bulgarian government yester¬
day pledged not to interfere in
. the Balkans. ■
There is concern, too. Chat
Macedonia . mighthe destabil¬
ised, if ethnic Albanians - seek
closer links with Albania or
with ethnic Albanians in Serb¬
ia’s Kosovo province.
The coalition government
collapsed when the republic's
parliament passed a . vote of no
confidence in it by an over¬
whelming majority. Under the
republic’s constitution, 'Presi¬
dent GUgmov has 10 days to
appoint a new prime minister.
~ Mr Slobodan Petrovic* 'editor
erf Puls, a Skopje weekly, last
night said: The collapse could
heighten instability. Mr Gfigo-
rov may not be able to appoint
a prime minister within the
next ID days.”
Macedonia is struggling to
cope with' the effects of fight¬
ing in other former Yugoslav
republics, including an influx
of 35D00 refugees from Bosnia.
Mr Petrovic said: Tn the air
- we feel the scent' of war-but
emotions may cool down and
people will realise the fall of
the government is a Pyrrhic
victory."
Salaries up
in Turkey
By "John Murray Brown
In Ankara
TURKEY yesterday missed
another opportunity to stem
the inflationary trend of wage
settlements, awarding
increases to 70,000 civil ser¬
vants above that budgeted in
April
The six month pay review,
with rises of 25-30 per cent, is
broadly in line with inflation,
now running at close to 70 per
cent. However it is unclear
how the increase will be
financed.
Investment in
Romania up
By Virginia. Marsh In
Bucharest
DIRECT foreign, investment in
Romania rose by $118m (£62m)
fa the first hattetf 1992. bring¬
ing the total since January
1990 to $387 m, according to
figures released yesterday by
the Romanian Development
Agency.
Foreign investment in the
first half of this year more
than doubled compared to the
corresponding period In 199L
France, Germany and Britain
were the top three investors. '
Soviet party asks
court to lift ban
By John Lloyd in Moscow
LEADERS of the now banned
Communist Party of the Soviet
Union, until a year ago the
commanding political force in
the former Soviet Union, yes¬
terday told the Russian Consti¬
tutional Court that a continued
ban on their party would fore¬
shadow a dictatorship. - - -
The party officials included
Mr Vladimir Ivashko, the for¬
mer deputy general secretary.
But Mr Mikhail Gorbachev, the
former general secretary, was
absent. The officials argued
that the banning of the party
by President Boris Yeltsin
after the attempted coup last
August was unconstitutional
The court ruled that a sec¬
ond suit lodged by Mr Oleg
Rumyantsev, a senior Russian
deputy, alleging that the party
itself was unconstitutional,
will be heard separately - in
spite of an earlier decision to
combine the two actions. .
Mr Victor Zorkaltsev, a for¬
mer party official who repre¬
sented the party, said the ban
set a precedent which was sure
to be used against other politi¬
cal parties and public move¬
ments. “A ban on- soviets (local
councils) will follow that on
the party, thus setting the con¬
ditions for an authoritarian
takeover,” he said.
Mr Yeltsin has said that die
court might find "certain slip¬
ups of a procedural nature" In
his decrees, but added:
’'Remember the atmosphere in
which these decrees were
adopted, and the emotional
wave of popular support. It
was probably the only course."
• Moldova's parliament yes¬
terday urged deployment of a
multinational force to separate
warring factions in the break¬
away republic of. Trans Dnestr,
the eastern part of Moldova
populated mostly .by Russians
and Ukrainians.
. It said the force should he
composed of troops from Rus¬
sia, Ukraine, Belarus, Moldova,
Romania and Bulgaria. Mol¬
dova was. formerly part of
Rflir^nnia, while 100.000 ethnic
•Bulgarians live in Moldova.
bom in Sarajevo and regards
himself as a Bosnian, 'Mr
Boban was bom in the predom¬
inantly Croat region of western
Hercegovina.
EC peace plan
may have
played into
hands of Serbs
and Croats-
He considers himself a Croat
nationalist, Mr Bohan’s promo¬
tion led to closer cooperation
with Mr Karadzic.-
. “We saw what was happen¬
ing then,” said a senior UN
official involved in the Sara¬
jevo relief effort. “Although
the UN was on the sidelines,
we could -see why outside Serbs
and Croats - unHke the people
from Sarajevo and other ethni¬
cally mixed cities - did not
want us in.- It would thwart
their plans. It was up to the EC
to stop this division. If you
want my personal view, the
EC’s record in Bosnia has been
shameful. " .
Portugal, which took over
the EC preridency in January,
tried to tackle the crisis. Under
Ambassador Jose Cutileiro,
who worked closely with Lord
Carrington, chairman of the
Yugoslav peace conference,
Lisbon drew up a. plan for Bos-
rda-Hercegovma.
The EC March 9 plan was
perfect for Zagreb and Bel¬
grade, and for Bo ban and Kar¬
adzic," said a US diplomat.
Under it Bosnia-Hercegovina ’s
three leaders would reorganise
the republic into three autono¬
mous ethnic units of Moslems,
Serbs and Croats. It was left
unclear as to how the bound¬
aries of each unit would be
drawn. The plan failed to take
Into account that some areas
were so ethnically intertwined
that a simple division was not
possible.
US and east European diplo¬
mats said Mr Izetbegovic was
pushed into accepting the plan
because he did. not want to be
accused of blocking it “Essen¬
tially, the EC plan gave Croatia
and Serbia carte blanche to
divide Bosnia," a Hungarian
diplomat says.
By the time the EC recog¬
nised Bosnia- Hercegovina in
April. Serb irregulars and the
Serbian-controlled Yugoslav
army were blockading Sarajevo
airport so as to cut off the capi¬
tal from the outside world as a
first step in dividing the dty.
They were also destabilising
eastern Bosnia.
Mr Milosevic was simulta¬
neously trying to create a cor¬
ridor across northern Bosnia
aimed at linking Serbia with
Enin, the self-proclaimed Ser¬
bian republic in south-west
Croatia.
Croatia was primarily con¬
cerned with protecting Croats
in western Hercegovina and
with the eventual goal of carv¬
ing out a swathe of territory
which would be annexed to
Croatia. This strategy Is
reflected in last weekend's
announcement of the Croatian
state of Herceg-Bosnia. Earlier
Mr Karadzic’s Serb forces
declared several autonomous
Serb republics in Bosnia.
The tragedy of all this is
that the people of Bos¬
nia - Moslems, Serbs, and
Croats - have lost Like the
people of Sarajevo, they see
themselves as Bosnian. They
do not want ethnicity or Iden¬
tity imposed on them by out¬
siders from Croatia, Serbia, or
Montenegro," according to a
Hungarian diplomat
“If they choose to be Bos¬
nian, instead of belonging' to
one ethnic group, they will be
forced to choose their ethnic¬
ity, or else be killed or forced
to flee,” he said.
UN officials, journalists, aid
workers and diplomats know
precisely what ethnic cleansing
entails. The pattern is uniform,
and methodical.
Serb forces surround the vil¬
lages and towns. The citizens
are given an ultimatum. Either
they surrender, and as a result
are often put into labour
camps, deployed in the front
line, or used as hostages; or
else they flee - if they are
lucky.
T think we. the people of
Sarajevo and Bosnia, now real¬
ise we are alone," said Mr Mir-
sad Becerovic, a Moslem
reporter at Radio Sarajevo. Mr
Dragan Miskovic, a Serb editor
at the Bosnia-Hercegovina
newsagency. says the people of
Sarajevo will never allow out¬
siders to divide their city. “We
will never be broken. This is
our city. This is our home."
A Lads >9ta Gnup Company
IT WAS STILL HOT. NOW HE WAS LOOKING FORWARD
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whether to dive into the
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going to be a tough one.
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He'd feel better, of course ,
the moment he walked
through the door. The Hilton
was as familiar to him as
an old friend , and every
bit as reliable. Afeivphone
calls and faxes and he ’d be
ready to relax. Next morn¬
ing , he'd be fresh and ready
for another day. And so
would his suit.
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the world , including over
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INTERNATIONAL
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A
V
FINANCIAL TIMES WEDNESDAY JULY 8 1992
France’s siege eases
but shortages grow
NEWS: EUROPE
By William Dawkins and Alice
Rawsthorn In Paris
MORE THAN a third of the
roadblocks which have para¬
lysed France for the past nine
days were lifted by yesterday
afternoon, but the economic
damage continued to mount
Truck drivers slowly rolled
back their siege as government
officials visited the blockades
to explain the contents of an
accord on pay and conditions,
reached by drivers' representa¬
tives and the government in
the early hours of the morning.
The most vulnerable indus¬
tries. cars, petrol food, tourism
and chemicals, have already
had to make temporary lay¬
offs. especially in Rhone- Alpes
and the south.
Shops were running low on
stocks throughout France. The
Leclerc chain of supermarkets
said its stocks were half as
high as usual in fresh fruit and
staples, such as sugar and
flour. There were fears that
worse was to come on the
roads as it remained unclear
when all the barriers would go.
let alone when truckers would
resume deliveries.
The Interior Ministry
claimed that 60 blockades,
Involving 3,200 trucks, out of
the original 160 roadblocks bad
been dispersed by lunchtime.
By evening the ministry
claimed that all main routes
except for one section of the A6
north of Lyon. Violent clashes
between truckers and police
were reported.
The Al from Paris to Lille,
the main route for traffic from
northern Europe and the Chan¬
nel ports, was fully open In
both directions, it said. The A6
from the capital to Beaune In
eastern France and the A7
from Lyons towards the Span¬
ish frontier, were also open,
said the ministry. Blockades
were reported to be disappear¬
ing In Brittany.
Progress was slow, as some
truckers regrouped to form
new barriers elsewhere and
others staged operations escar¬
got (go-slows). Business leaders
warned that supply shortages
could force some companies to
close. It was proving impossi¬
ble to compensate adequately
by shifting to rail and air, said
the Conseil National de Com¬
merce. Nice airport had only 24
hours' aviation fuel left
Renault, the motor group,
closed three of its four French
assembly plants yesterday
morning, though they
reopened in the afternoon after
fresh supplies arrived. The sit¬
uation was “literally changing
from hour to hour”, said Ren¬
ault. Peugeot stopped two
assembly lines and a kit pack¬
aging plant in eastern France,
employing 17,000 people, and
warned that more lay-offs will
be needed this morning. Its
Citroen subsidiary closed a
plant at Aulnay. Michelln, the
tyre maker, warned employees
that lay-offs could come at any
time.
Motorway operators said
they had lost FFrlSOm (£15. 4m)
on the main north-south routes
alone, while the hoteliers’ asso¬
ciation estimated that occu¬
pancy was down by between 10
and 50 per cent and warned
that some chains conld face
serious cashflow problems.
Empty shelves in a Nice supermarket The sign reads: “Please excuse the lack of goods due to the transport strike*
CBI calls on EC to tackle economic priorities
By Andrew Hill In Brussels
CONCERN about ratification of the
Maastricht treaty could distract the
European Community from the severe
problems facing EC businesses, the
Confederation of British Industry
warned yesterday.
“It seems to os there is a danger of
what is essentially a political question
overshadowing this crisis of business
competitiveness," said Sir Anthony
Tennant, chairman of the CBrs Europe
committee. Sir Anthony, who is also
chairman of Guinness, the OK drinks
group, was in Brussels to highlight the
CBrs priorities for the British presi¬
dency of the EC, which began last
week.
fie urged the UK government to
press for completion of the single Euro¬
pean market which would be the best
way of halting the decline in EC com¬
petitiveness. However, in its memoran¬
dum to the British government, the
CBI calls on the presidency to ignore
“bogus single market measures", such
as draft legislation to harmonise com¬
pany law, data protection standards
and social policy. The CBI believes
these measures would add little to the
creation of a single market
Sir Anthony pointed out that the
Community’s share of world export
markets had declined by 30 per cent in
volume terms over the past decade, and
Community productivity was growing
at only half the Japanese rate.
But the CBI stressed that it was not
advocating an interventionist policy,
and sounded a note of caution about
the European Commission’s budget
plans for the next five years. The Com¬
mission envisages targeting increased
EC funds on improved research and
development and professional training.
Mr Dick Price, the CBI's deputy
director general said the organisation,
which represents 250,000 British com¬
panies, was 'instinctively wary” about
anything that might involve "officials
taking decisions to pump public money
into the promotion of Individual sec¬
tors”. “That’s the quickest way of wast¬
ing people's money that anybody has
ever thought of.” be added.
Italians lobby
Brittan on steel
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INTERNATIONAL
GLOBAL SECURITY
ITALY’S new government is
lobbying Sir Leon Brittan, the
European Community’s Com¬
missioner for competition pol¬
icy, on behalf of the loss-mak¬
ing Dva state steel group, just
as discussions start today on
initiating a formal procedure
against the company's recent'
capital increases.
The government has argued,
that Ova’s two-stage L650bn
($566m) capital increase repre¬
sents urgent assistance for
restructuring, rather than
state subsidies, which would
infringe EC rules.
In a letter to Sir Leon, Mr
Giuseppe Guarino, the new
industry minister, has repeated
the previous government's sup¬
port for Ova's plans to quote its
shares and bring in new pri¬
vate-sector steelmalrins part¬
ners.' ' ■' •' 1
Mr Guarino has offered to
come to Brussels to explain in
detail the new government’s
position, which is identical to
that of Mr Giulio Andreotti,
Italy’s former prime minister.
The same message was con¬
veyed to Sir Leon yesterday by
Mr Federico di Roberto, Italy's
EC ambassador.
Commission concern about a
possible strategy shift grew
last month when II va
announced a L498tm 1991 loss.
Irish MPs told of
coup at Telecom
By TUn Coone In Dublin
MR Brendan Hynes was sacked
as chairman of Telecom
Eireann, the state-run telecom¬
munications company, ' at the
weekend because he had lost
the support and confidence of
its board, Ms Maire Geoghegan
Quinn, the Irish minister for
transport and telecommunica¬
tions. said yesterday.
She told parliament that she
was left with a choice of either
firing Mr Hynes or feeing the
resignation “individually or
collectively" of the board. “The
problem was not with the for¬
mer chairman's thinking. The
problem was with - (his) modus
operarutt . . . the chairman must
secure board approval for his/
her proposals," she said.
The opposition Fine Gael
party attacked the government
for “mismanaging" what Is
Ireland's most profitable public
sector company and a party
spokesman said: "We are not
really any wiser over the rea¬
sons for the differences
between Mr Hynes and the
board.” Telecom, made a l£94m
profit on a I£782m turnover
last year. It has lm customers,
13,500 employees and is esti¬
mated to be worth some I£ibn
were it to be privatised.
Mr Hynes was appointed to
the post just six months ago,
replacing Mr Michael Smurfit
who resigned last' September
over a controversial deal to
build a sew headquarters.
Mr Hynes took a hands-on
approach, believing: he had
been given a mandate from the
then telecommunications min¬
ister, Mr Seamus Brennan, to
carry out a thorough review of
the company ahead of its possi¬
ble privatisation.
Telecom's directors yester¬
day went on the counter-attack
saying that they "unani¬
mously” reject Mr Hynes' criti¬
cisms and that on June 26 they
passed a motion of no confi¬
dence in him as chairman.
Obsemr,:page 13 . :
Appeal to
Brussels
on currency
charges
By Andrew Hill In Brussels
The results cast doubts on the
company’s intentions to go
public, as Italian bourse rules
require companies to show
three consecutive years of prof¬
its before floating their shares.
There have also been delays in
- Ilva’s plans to bring in private-
sector steelmakers at its big
PiomHno plant In Tuscany.
in its new initiative, the gov¬
ernment has asked for more
time to present its case before
the Commission decides on a
formal-procedure.
The request follows a meet¬
ing in Brussels, last .week
between Sir Leon, Mr Franco
Nobili, chairman of the IRI
state holding company which
owns Hva, and Mr Giovanni
Gambardella, Ilva’s chief exec¬
utive. Mr Nobili then discussed
the outcome with Mr Guarino
on his return, leading to the
latest appeal
* -The goverameothasatressed
that Ilva’s 1991 losses stem
purely from the decision to
divert capital gains from asset
sales; into a special reserve
fund, rather than to' cover
operating losses. Plans .for a
flotation remain on course, as
the company is expected to opt
for the . expedient of merging
with an already-quoted con¬
cern. The most likely vehicle
would be Dalmine, a north Ital¬
ian tube-maker in which Hva
has a 66 per cent stake.
untary “users’ charter” as a
“public relations gimmick” and
urged Sir Leon to take rapid
and tough action which would
bring financial institutions
into line.
“The consumer's lot has not
altered since 1988 when the
first [Commission] recommen¬
dation on payment systems
was adopted,” she said.
Beuc and UFC Que Choisir, a
Paris-based consumer organisa¬
tion, examined, the specific
area of holiday money and
found, for example, that two-
thirds of EC banks and
bureaux de change displayed
no information on exchange
rates and fees for . travellers’
cheque transactions.
.The consumer groups also
attacked banks and card issu¬
ers for the lack of information
available to consumers using
payment cards and cheques
when overseas.
Malta’s PM
survives vote
onECfailure
By Godfrey Grime Er Valletta
DB Eddie Fenech Adami, the
Maltese prime minister, sur¬
vived a vote-oE no confidence
.yesterday following the deci¬
sion by EC heads of state in
Lisbon not to include Malta in
a list of countries lining up tar
foil membership of. the Com¬
munity.
The- motion was. tabled by
the opposition Labour Party
which claimed the government
bad deluded Maltese about the
island’s chances of being
accepted as a full EC member.
Mr John Major, the British
prime minister, bad argued
institutional changes would be
needed if Malta were to be
allowed to join.
Greece that Insisted Cyprus
would have to be admitted if
Malta’s - application was
approved.
Maltese government officials
said yesterday the Island’s
application is expected to come
up for review again at an EC
council of ministers meeting
within six months — by which
time the' EC. commission will
have finalised its opinion on
the Maltese application.
The Maltese now plan to put
their case mare forcefully. The
foreign minister. Dr Guido
Demarco, will have his first
opportunity this month when
he meets the British -foreign
secretary, Mr Douglas Hurd, in
London.
0ECD sees
fall ini output
for Iceland
German companies with
Iraqi trade Unks raided
By Robert Taylor
In Stockholm
THE German authorities
.carried out a huge operation
yesterday, to seize documents
from nine German companies
which are suspected of illegally
exporting weapons materials to
Iraq, AP reports from Darms¬
tadt
The action in the western
Rhineland area was part of
ongoing government attempts
.to track down businesses that
supplied Iraq with parts for
President Saddam Hussein’s
nuclear weapons programme.
The Darmstadt prosecutor's,
office said that 400 customs
investigation officials and n
state prosecutors were
involved in the series of raids
against the suspected compa¬
nies. The case against the cdrfr
panies, which were hot named,
is based on- a report issued 'in
January by United Nations
weapons inspectors.
'• The UN’s report cited evi¬
dence that Iraq, was trying to
build special centrffiiges which
are needed fo produce enriched
uranium used for assembling
nuclear weapons.-
Companies throughout ' Ger¬
many were said to be impli¬
cated in-tbs supply of parts.
Stung by criticism .that Ger¬
man companies for. many years
sold arms to- foreign, dictators,
. the country’s parliament gave
the go-ahead in February , for
tough new weapons export
controls. • -
ICELAND can expect a sharp
.decline of per cent in its
output this year with a modest
0.5 per- cent improvement in
1993, according to .the latest
' survey, of the country's econ¬
omy^. published yesterday by
the Organisation .for Economic
Cooperation and Development
(OECD)..
• T3ie report blames the poor
short-term outlook for the
country’s -fishing industry
which accounts for three quar¬
ters- of Iceland's exports. The
report abso blames world alu-
, minium prices that have forced
L the postponement of a multi-
rational smelter project .
Following: . optimism last
year, the OECD says that as a
result of events, beyond the
country’s control there Is going
to be, -further .stagnation
despite the relatively low-level
ofuffiationfocDseland of 7per
EUROPEAN Community hanks
and bureaux de change still
charge travellers too much and
display insufficient informa¬
tion on exchange rates and
fees, according to the Euro¬
pean consumers’ organisation.
The Bureau Europdendes
Unions' de Consommateurs
(Beuc) yesterday called on the
European Commission to intro¬
duce binding legislation to
improve cross-border payment
systems and ease the establish¬
ment of the single market
The Commission estimates
that consumers will save more
than Eculbn ($L35bn) in bank
charges annually, if financial
institutions follow guidelines
issued in March. ...
Sir Leon Brittan,' the EC
financial services commis¬
sioner, has threatened to intro¬
duce legislation if the banks do
not cut their fees and improve
transparency by the mid of the
year.
But Ms Laura Mrcca, Beuc's
chief economist, yesterday con¬
demned the Commission’s vol-
ril
!oi
Ja
*
k
I
5
FINANCIAL TTMES WEDNESPAY JULY S I 992
NEWS: AMERICA
Clinton silent on running-mate
By George Graham
In Washington ;
FIVE days before the start a£
the Democratic- party conven¬
tion in New York, one name Is
still missing from the pro¬
gramme: that of Governor 'Bill
Clinton’s vice-presidential ran*
Ding-mate. ■
Mr din ton yesterday met Mr
Warren Christopher, the Wash¬
ington lawyer who Is. leading
his search committee, but the;
Arkansas 'governor has sue-,
deeded in preserving a veil of-
mystery over his choice.
Several names are widely dr-
culated, but most tipsters are
cautious enough to include the
possibility of a surprise on
their short-lists. Even the tun-
Violent
protests
embarrass
Dinkins
By Alan Friedman
in New York
VIOLENCE erupted in a
mainly Hispanic neighbour¬
hood In northern Manhattan
on Monday night as hundreds -
of demonstrators burned cars
and buildings and looted Shops
in a rampage that left one man
dead and 15 Injured.-
The rioting, in the Washing¬
ton Heights section of New
York, is an embarrassment to
Mayor David Wn trims less than
a week before the city hosts
the Democratic party's
national convention. Mr Din¬
kins has been trying to
smarten np New York's image.
The six hours of violence
began when residents marched
through the streets to protest
at the shooting by a policeman
last Friday of Mr Jose Garda,
a member of the local Domini¬
can community. Police said Mr
Garcia was shot dead in a
straggle to disarm him, but
the protesters. claimed he was
unarmed.
The demonstrators split into-
sm alter groups and .began
shouting and hurling rocks
and bottles at helmeted anti-
riot police. The protesters .
fog of Mr-Clfoton’x announce¬
ment' remains .lit doubt.with
some pundits suggesting" he
might wait until- the-middle of
next week’s All ; Star; baseball
game to ensure a jwg television
audience! ■ •: V ~ . : ' ? ■ ‘ . v
' Three ute.-arejnost widely
mentibned-a^'possible running-
- mate; Senator Eahis Woflbrd
ofPennByfbariiai^ Congressman
Lee Hamilton ' of Indiana and
Senator Albert Gore. af.Tfexmes-
. seel Senator Woffmrd leapt to
the -tdip :oif~ti^
when ■ he-met. Mr. ^hnton in
Wasiun^bmA'^ victor
in last year’s Pennsylvania
. senate by-electipn,- he - would
confirm "air 'emphasis on
. domestic issues, especially
health care reform.- - :
Mr Hamilton, on the other
hand, would, bring some of the
gra vitas and foreign affairs
experience that the presump¬
tive Democratic nominee is
thought to - lack. His odds
lengthened this weekend when
he. distanced hlmsdf from Mr
Clinton and the centre of the
Democratic party on the issues
of abortion, and parental leave
- although his reservations
about abortion rights are simi¬
lar to Mr’ Wofford's.
Mr Gore would bring good
credentials on environmental
issues, but an all-southern
ticket could be risky: Yankee
prejudice Is alive and well, as
Mr Clinton himself discovered
during the New York . Demo-
cratic primary campaign.
Also viewed as potential
choices are three other sena¬
tors: Mr Bob Kerrey of
Nebraska, Mr Jay Rockefeller
of West Virginia and Mr Boh
Graham- of Florida.
Of these six, only Mr Wofford
and perhaps Mr Graham have
the capacity to bring Mr Clin¬
ton a big, state he might other¬
wise lose.
The man Democratic dele¬
gates would most like to see
alongside Governor Clinton,
according to a recent Associ¬
ated Press poll, is Senator Bill
Bradley of New Jersey. The
former basketball star has,
however, repeatedly ruled him¬
self out •
In the end, the choice of vice-
presidential running-mate may
not mean all that much. Some
analysts say it is the candi¬
date’s first chance to show
himself as a decision-maker,
others that voters elect a presi¬
dent, not a vice-president
While Mr Lyndon Johnson
won bis home state of Texas
for President John Kennedy in
1960, and Mr Walter Mondale of
Minnesota may have helped
President Jimmy Carter in
1976, most vice-presidential
candidates have no effect on
the outcome of the election.
Perhaps the clearest evi¬
dence of this came in 1968,
when Mr Lloyd Bent sen com¬
prehensively outscored Mr Dan
Quayle, but could do nothing
to rescue the losing candidacy
of Mr Michael Dukakis.
-Cars blaze on Audubon Avenue, Washington Heights, on Monday night in protest at a Dominican resident's death
Canadian health care
faces financial realities
mainly Dominican teenagers
- then set cars, rubbish bins
and buildings on Qre. One maw
died after falling off the. roof .
of a five-storey buOdfog.
v 'A police spokesman Said the
violence resulted in 28 arrests.
the injury of 15 protesters, two
fire fighters and eight police¬
men^ and damage to eight
police cars and one ambu¬
lance.
Mayor Dinkins and other-
local politicians visited the
neighbourhood as the violence
began , seeking to reassure the
Dominican community that
there would be a full investi¬
gation of the circumstances of
Mr Garda's death.
Mr Brian Murtaogh, a Demo¬
crat in the New York assem¬
bly, who was an eyewitness to
the violence, said the incident
was “nothing like the recent
riots In Los Angeles” and con¬
sisted mainly of “teenage loot¬
ing and rampaging”.
CANADIANS enjoy one
of the world’s most
widely admired health
care systems. Anchored by the
principles of universality and
accessibility, the publicly
funded system has ensured
that rich and poor alike are
able to visit a first-class doctor,
call an ambulance or get a bed
in a prestigious hospital.
But keeping these principles
intact is becoming difficult A
vigorous debate is under way
on how a system that so many
other countries have been
tempted to follow should itself
be reformed.
The nub of the problem is
money, as underlined last
month when, for the first time,
the health ministers of all 10
provinces (health care is a pro¬
vincial responsibility) met
jointly with provincial finance
ministers.
Canadians can visit a doctor
as often as they like at no
charge. Doctors charge provin¬
cial health plans according to a
schedule of fees for various ser¬
vices, but with few aggregate
limits. The system is funded by
a variety of taxes, ranging
from a portion of general gov¬
ernment revenue to a special
payroll tax in some provinces.
For years, financial consider¬
ations were secondary. But
public spending on health bal¬
looned by an average of 12 per
cent a year during the 1980s to
the point where Canada's
spending on health care rela¬
tive to its gross domestic prod¬
uct is now 9.2 per cent, higher
than any other country with a
national health system. The
budget of Ontario's health min¬
istry, by for the biggest in the
country, has almost quadru¬
pled since I960.
Some of the spiralling costs
are attributed to the bureau¬
cratic inefficiency of a govern¬
ment-run system split between
10 provinces. Canadian hospi¬
tals. for instance, have tradi¬
tionally been run as separate
entities, each with its own
hoard of directors trying to
carve out a high profile in the
community.
The recession and growing
grassroots resistance to tax
increases have forced govern¬
ments to tighten their belts.
Ontario has budgeted for a
mere 1 per cent rise in funding
for hospitals this year. It has
warned pharmaceutical compa¬
nies not to increase their
prices by more than 2 per cent.
Mr Earl Berger, managing
director of Canadian Health
Monitor, a national health care
survey, say’s the cuts are “forc¬
ing hospitals to do things
which many of them have
never done before”. These
include drawing up business
plans and encouraging doctors
to remove their patients from
hospital more quickly.
At the same time, the funda¬
mental principle of universal
health care is being ques¬
tioned. Critics are asking
whether unlimited “free”
access to services encourages
The provinces are
considering
reforms including
user fees, writes
Bernard Simon
patients to make unnecessary
demands on doctors and hospi¬
tals. Similarly, could doctors,
whose income is partly deter¬
mined by how often they see
their patients, be more sparing
in their choice of tests and
treatments? Does every hospi¬
tal in every city need the most
modern equipment to treat a
wide variety of ailments?
Changes are already under
way. New Brunswick, for
example, hopes to improve effi¬
ciency and bring down admin¬
istrative costs by replacing 53
hospital boards in the province
with eight regional boards.
Ontario has warned commer¬
cial laboratories that from next
April payments will be cut by
half when the number of tests
grows by more than 2 per cent
a year. Health care administra¬
tors are trying over the longer
term to ease the pressure on
hospitals by putting more
emphasis on walk-in clinics,
day surgery and homecare.
Doctors are playing a bigger
role in hospital administration.
But they are also being encour¬
aged to move towards what
some derisively call “cookbook
medicine”. Instead of carrying
out simultaneous tests and
treatments, they are being
encouraged to move stage-by-
stage from one procedure to
the next.
Some politicians have prom¬
ised that such reforms to
improve the efficiency of
health care delivery will be
sufficient to ease the financial
crunch. The Ontario govern¬
ment said in a recent paper
that its reforms would ensure
“our current system is main¬
tained and actually enhanced”.
Others, however, predict
more fundamental changes.
Quebec set warning lights
flashing last year when it pro¬
posed a C$5 (£220) “orientation
fee" to be levied when a
patient insisted on visiting a
hospital casualty ward without
first going to a family clinic, or
made an appointment with a
specialist without referral by a
general practitioner.
A political outcry forced
Quebec to drop the idea, but if
is toying with others that
would have much the same
effect. One is a surcharge on
personal income tax. based on
the volume of medical services
used during the year. The sur¬
charge would have an upper
limit of €$300-100 a year for the
average family.
Several provinces are gradu¬
ally narrowing the definition of
universal and accessible care.
Ontario sets strict limits on
payments for medical care out¬
side Canada - a substantial
burden, for instance, on the
people who have retired to Flo¬
rida. Quebec is considering
removing some services, such
as eyesight examinations and
prescriptions for the elderly,
from its health plan coverage.
Mr David Levine, director-
general of the Notre Dame hos¬
pital in Montreal, says that
“piece-by-piece, there's going
to be a way in which this is
going to be introduced”. Mr
Berger predicts that at least
one of the provinces will intro¬
duce some form of user fee
within five years.
The challenge for politicians
is to put the changes in place
without unleasing a public
furore. Though the long-term
result may be a significantly
different system. Mr Levine
predicts it will be achieved
only through small incremen¬
tal steps.
NEWS: WORLD TRADE
Fury over call
for US quota on
Japanese cars
By Nancy Dunne
In Washington
AMERICAN car importers and
foreign car manufacturers yes-'
terday attacked as “bold-faced
protectionism” trade legisla¬
tion to be discussed today
which would force Japan to
negotiate a quota of I.65m
imports or face DS retaliation.
The amendment to this
year’s House trade bill is spon¬
sored by Democratic Congress¬
man Sander Levin of Michigan
and House Majority Leader
Richard Gephardt. Despite
Bush administration insistence
that the legislation would be
vetoed, opponents say it will be
difficult to defeat because the
House Democratic leadership
wants to use it as a campaign
issue at next week's Demo¬
cratic convention.
Opponents are also fighting a
requirement that Japanese
“transplants” - factories in
the US - increase their use of
American-made parts to 70 per.
cent in the next two years.
They argue that such restric¬
tions are the type of barriers, to
trade and investment the US is
seeking to eliminate in the
Uruguay Round of world trade
liberalisation talks under the
aegis of the General Agree¬
ment on Tariffs and Trade.
Mr Walter Huizenga, of the
American International Auto:
mobile Dealers' Association,
yesterday said the legislation
would have' “a chilling effect”
on foreign investment in the
US. About 32,000 US workers
are now employed by Japanese
“transplants”
Even as the importers and
“transplants” were sending
lobbyists around Capitol Hill,
congressmen have been digest¬
ing a recent report, issued by a
joint US-Canada panel, estab¬
lished under the Free Trade
Agreement .lt says that unless
the' North.. American ; industry
improves its competitiveness,
100,000 jobs could be lost in the
next five years.
The report , warned that DS
costs were rising, while Japa¬
nese costs had declined. “As a
result the Japanese industry
now appears to possess a major
advantage over its North
American rivals in internally
generated funds available for
capital investment and to
enhance future competitive¬
ness,” it said.
• The three trade ministers of
the US. Canada and Mexico
will meet this weekend in
Washington, according to
Canadian sources. They will
seek to resolve disagreements
over trade in vehicles, agricul¬
ture and energy, blocking com¬
pletion of a North American
Free Trade Agreement
RUSSIA
Turnon River Area
North-easi Asia Regional
a" l ' i/* ' Development Area
CHINA
.. -V?
=V fc 1 ' Tumen
RUSSIA
Hunchun
Ulan Bator ■
MONGOLIA
;i | Tumen River
T *
Pyof^yartg" *s£wj j " ..JAP?£ \
$&&Sr
-
Ff
gggjs Sea oi Japan
M _ *'4V.V
Shanghai r, * =*< ••. ",
' ■ ‘ • :”:i.
NORTH
KOREA
Tumen River
Economic Zone
Chongjlr
Tumen Economic
Development Area
Rotterdam of the east takes shape
PLANS for a vast port complex
and trading zone in north-east
Asia, sprawling over the
boundaries of China. North
Korea and Russia, are under
way after securing the support
of no fewer than six govern¬
ments. .
The Tumen -River Area
Development Programme
(TRADER is centred on a key
Sea of Japan coastal area and
is optimistically described as
“the future Rotterdam of the
Far East” Its estimated cost Is
at least $30bn oyer 20 years.
The main achievement so far
of TRADP, which is sponsored
by the United Nations Develop¬
ment Programme (UNDP), has
been the diplomatic feat of
bringing together government
delegations from the two
Koreas, China, Russia, Mongo¬
lia and Japan.
It would be hard to imagine
six more disparate countries.
The two Koreas, locked in
Yvonne Preston
reports on
Asia’s dream
port project
mutual hostility for 40 years,
signed a non-aggression pact
only last December, and China
has yet to establish formal
relations with South Korea.
Russia was not even an inde¬
pendent country when the
TRADP inaugural meeting
took place in February last
year. Japan has no diplomatic
relations with North Korea and
is in bitter dispute with Russia
over the Kurile islands, which
were occupied by Soviet forces
after the second world war.
No other intergovernmental
organisation exists in this part
of the world, the UN develop¬
ment agency says, and the for¬
mation of a TRADP manage¬
ment-committee is the first
time the six countries agreed
to work together under UN
auspices.
The 516km Tumen river rises
in China's Jilin province and
has been the border between
China and Korea since ancient
times. Sin o- Soviet rivalry, the
Korean war and Japanese mili¬
tarism have kept the area
backward and undeveloped.
The dream is to turn the
marshes and rice paddies of
the Tumen river delta into a
metropolis of 500.000 people
and entrepot to rival Rotter¬
dam and Hong Kong. UNDP
officials acknowledge that the
project is still only a dream.
The delta provides land¬
locked Mongolia with its near¬
est outlet to the sea. The hin¬
terland is rich in resources,
and the scale of the trading
bloc could rival the European
Community.
The regional co-operation
project consists of an inner
economic zone of around 1.000
sq km. A second and broader
development area takes in the
Russian port of Vladivostok,
Cbongjin in North Korea and
the Chinese city of YanjL The
outer North-east Asia Regional
Development Area occupies an
area of 370,000 sq km.
The Asian Development
Bank and the World Bank have
shown interest in the project,
which will also seek funds
from Japan and South Korea.
The next stage is an initial fea¬
sibility study for which the UN
agency has allocated $3 .5m.
The involvement of North
Korea in the planned develop¬
ment represents the country’s
first step towards opening its
economy after decades of isola¬
tion.
Uruguay sound on
trade, says Gatt
By Frances Williams in Geneva
URUGUAY’S trade regime has gradually changed from a highly
protected to a relatively liberal one. But the benefits are being
reduced by high trade barriers in rich countries to Uruguay's
farm and textile exports, the General Agreement on Tariffs and
Trade (Gatt) says in a report yesterday
It warns that Uruguay risks lagging behind the economic
liberalisation of Brazil and Argentina, its giant neighbours and
fellow members with Paraguay of the Mercosur common market
This could mean rapid and painful structural adjustment in
Uruguay's import-competing industries when trade barriers are
scrapped within Mercosur from January 1995.
The Gatt council yesterday welcomed Uruguay’s progress in
liberalising trade and deregulating its domestic market, despite
economic difficulties. The report notes that average tariffs have
fallen from nearly 700 per cent in 196* to 21.5 per cent by January
1992. The council urged Uruguay’s trading partners to support the
reform process by reducing obstacles to its exports. Entry' barri¬
ers and subsidised exports under EC and US farm policies have
particularly hit Uruguay’s exports of beef and dairy products.
Uruguay, which hosted the launch of the Uruguay Round of
world trade talks in 1986. is a member of the Cairns Group
pushing for cuts in form subsidies.
John Brown wins turbine order
John Brown, part of Trafalgar House's engineering division, has
won a contract worth nearly £100m <$l9lm) to build and supply 12
38MW gas turbines for Abu Dhabi, writes Andrew Baxter. The
deal, thought to be the world's largest order for this kind of
heavy-duty gas turbine, is further confirmation of the revival of
the Middle East power plant market. It is understood that John
Brown clinched the order by being able to offer a short delivery'
time.
Clash threatens dam project
Work on a multi-million -dollar dam project in Malaysia in which
the British company Balfour Beatty has a major share is threat¬
ened by arguments between local authorities and the country’s
main electricity company, writes Kieran Cooke in Kuala Lumpur.
The authorities in the state of Kelantan. on Malaysia's east
coast have blocked roads leading to the 8710m Pergau hydro-elec¬
tric dam. Kelantan, a Moslem state controlled by the opposition
Parti Islam, is in dispute with Tenaga Nasional. the recently-pri¬
vatised electricity utility, over payments of water rights.
Barter trade to grow with CIS states despite big risks Andes oil pipeline agreed
The state oil companies of Chile and Argentina. Em
By Leslie Colitt In Berlin
COMPENSATION trade, a
sophisticated form of barter,
will grow in importance with
the financially-pressed states
of the former Soviet Union.
. according to Mr Hans-Joachim
Skrobanek, a specialist in this
field who heads. Finance by
Trade (FTB), a subsidiary of
Berliner Bank.
The risks involved are con¬
siderable and grow with the
number of- official approvals
needed before Russian and
Ukrainian products, for exam-
pie, can get from the producer
to the western buyer. "Each
one of the official links can foil
to keep a promise or simply
break it,” he said.
Nevertheless, compensation
trade, or buy-back as it is.also
known, was likely to make up
a significant proportion of Ger¬
man trade with CIS republics
and some eastern European
countries for some time to
come. One reason was that the
German government was
unlikely to expand- its Hermes
export credit guarantees for
•CIS beyond the DMiObn
(56,5bn) promised by Chancel¬
lor Helmut KohL
Mr Skrobanek estimated that
in 1990. 25 per cent of west
German exports to the Soviet
Union were based on compen¬
sation trade and variations of
it. The percentage rose sharply
in 1991 when many Russian
companies carried out non-ap-
p roved barter deals with the
west.
FTB. which does nearly
DMISOm ($98. 6m) in business
with the east - mainly Russia
- is the only compensation
trade company owned by a
German bank. Nearly half its
customers are east German
companies whose trade with
the CIS has declined greatly.
There has been a recent fall,
however, in barter-type trans¬
actions with the CIS as deals
need to be individually
approved by the Russian gov¬
ernment. This has been a reac¬
tion to an estimated outflow in
1990/91 of DMl2bn-DM15bn
which was deposited by Rus¬
sian companies in western
bank accounts after the old
approval mechanism broke
down, Mr Skrobanek said. The
companies are now forced to
pay nearly half of the hard cur¬
rency they earn to the state
and receive roubles in return.
The Russian government's
refusal to allow Russian com¬
panies to deposit their earn¬
ings from baiter trade in west¬
ern banks has made barter
deals more risky for western
exporters.
Oil, precious metals and
chemicals remain the products
most commonly bartered by
the Russians but even these
run up against logistical prob¬
lems. Heating oil and metal ore
are partly shipped via Baltic
ports but the newly-indepen-
dent Baltic republics fre¬
quently restrict the amounts,
and the ports of Leningrad and
Kaliningrad cannot cope with
any increase.
Romania and Bulgaria,
whose market economies are
rudimentary: have the greatest
need for barter trade in eastern
Europe. By contrast, only 5 per
cent of the trade with Poland.
Czechoslovakia and Hungary
- all of which have internal
convertibility or their curren¬
cies - is based on barter deals.
The state oil companies of Chile and Argentina, Enap and Yaci-
mtentos Petroliferos Flscales, have signed a letter of intent to
build a 424km oil pipeline across the Andes at an estimated cost
of $200m. writes Leslie Crawford in Santiago.
The pipeline, which will be ready in late 1993. will link oil fields
in the Argentine province of Neuquen to an Enap refinery in
Concepcion, southern Chile. An extension to the port of San
Vicente will give Argentina a Pacific outlet fur its crude exports.
Exporters in whaling warning
Norwegian businessmen fear the country's decision to resume the
killing of minke whales may hit exports.
Mr Richard Fuglesang, president of Ajungilak, which produces
sleeping bags, said in a letter to the prime minister. Mrs Gro
Harlem Brundtland. yesterday that following a two-day visit to
Britain it was dear that sales could suffer as consumers avoided
Norwegian products.
Australia set
to cut interest
rates again
Saudi banker in BCCI case quits
By Emilia Tag aza in Canberra
AUSTRALIA is expected to cut
official interest rates this week
by as much as a hill percent¬
age point to 5.5 per cent.
The last cut was made only
two months ago but further
confirmation of a stalling
recove ry from the recession
has pushed the urgency of
another easing.
Financial markets anticipate
a government announcement
today or tomorrow, following a
meeting of the Reserve Bank
yesterday where a cut in rates
was top of the agenda.
Additional pressure for
another cut emerged yesterday
with the release of the prelimi¬
nary budget deficit of AS9.4bn
(£3.66bn> for the year which
ended in June. This is higher
than the AS9.3bn revised fore¬
cast in May and double the
original A$4.7bn estimated in
August last year.
The government attributed
the deficit to the slower than
expected economic recovery
which bad led to further falls
in revenue and large increases
in welfare payments.
Revenue collections in
1991-1992 totalled AJS3.3m, rep¬
resenting 24.3 per cent of esti¬
mated gross domestic product.
In a joint statement, Mr John
Dawkins, the federal treasurer,
and Mr Ralph Willis, the
finance minister, said this was
the lowest share of government
revenue to GDP in 12 years.
Outlays rose to ASlQ2.7m
from the original estimate ot
AS 101. 5m. mainly due to the
spending programme intro¬
duced in February by the
prime minister, Mr Paul Keat¬
ing, to stimulate the economy.
The programme was designed
to bring unemployment below
10 per cent before the election
scheduled for mid-1993.
The Reserve Bank also
released figures yesterday
showing stagnant lending to
business. Credit provided to
the private sector by financial
intermediaries rose a season¬
ally adjusted 0.2 per cent in
May, after falling 0.3 per cent
in April. Total credit in the
year to May fell 1.6 per cent
Another report due tomor¬
row will bring mote bad news
for the government. The unem¬
ployment figure for June will
be released and most expect lit¬
tle change from the 10.6 per
cent recorded in May.
The run of bad economic
news has dented confidence in
Mr Keating's government.
Only three months ago, Mr
Keating appeared to have suc¬
cessfully turned around the
battered image of the govern¬
ment left by his predecessor,
Mr Bob Hawke. However, Mr
Keating will attempt to regain
some ground in a forthcoming
"employment summit" where
he is expected to announce
more steps to create jobs.
Indian inflation turns downwards
Rao confident of
surviving scandal
By David Housago
in New Delhi
THE INDIAN government of
Prime Minister P V Narasimha
Rao faces a new session of par¬
liament today with growing
confidence that the opposition
will be unable to substantiate
charges of ministers' involve¬
ment in the Bombay financial
scandal.
The Finance Ministry also
believes that inflation is at last
turning downwards. It has
been running at 12 to 13 per
cent over the past year and has
provided the principal weapon
for critics of the government's
economic reforms.
Mr Manmohan Singh, the
finance minister, said that he
was confident that inflation
would come down from month
to month to a single digit rate
by the end of the financial
year.
But, anticipating a big
assault from the opposition
over its handling of the finan¬
cial scandal, the government
seems ready to yield ground by
agreeing to the setting up of a
joint parliamentary commis¬
sion to investigate the scandal.
The opposition has
demanded an independent
inquiry on the grounds that
both the Reserve Bank and the
police investigations have been
carried out by arms of the gov-
eminent - and have thus
dodged uncomfortable ques¬
tions over the involvement of
ministers and senior govern¬
ment officials and over the role
of the central bank.
Such an inquiry is likely to
put further pressure on Mr R.
Venkttaramanan, the Reserve
Bank governor, who is at risk
of becoming the main scape¬
goat of the scandal
Mr Singh this week
expressed his continuing confi¬
dence In the governor and
By Mark Nicholson in London
and Alan Friedman
in New York
SHEIKH
Khalid bin
I Hi II U Mabfouz yes-
l = |l H terday resigned
IH I I 5 ^ the chief
Sg I operating offi-
cer of National
Commercial Bank (NCB),
Saudi Arabia's biggest and
best-connected bank, saying he
would devote his "full ener¬
gies" to fighting fraud charges
brooght against him In the
Bank of Credit and Commerce
International (BCCD affair.
Sheikh Khalid's resignation
comes less than a week after
he and a London-based associ¬
ate were indicted in New York
on charges that they had
schemed between 1985 and 1991
to defraud depositors, regula¬
tors and auditors of the col¬
lapsed BCCL
The indictment, announced
by Mr Robert Morgenthau, the
Manhattan district attorney
who last year brought the first
fraud indictments against
BCCI, alleges that Sheikh
Khalid and Mr Haroon Kahlon,
an associate, fraudulently
obtained more than $300m
from BCCI depositors and
other customers.
The charges are diplomati¬
cally sensitive, because of the
prominence of the bin Mahfouz
family in Saudi Arabia, where
NCB is considered to have
close ties to the royal family.
Sbeikh Khalid reacted
angrily, vowing to fight the
indictment and calling the
charges “completely unwar¬
ranted”. hi New York yester¬
day, an aide to Mr Morgenthau
noted that NCB had not been
todicted in the BCCI affair, but
he said the bank remained
under investigation.
Sheikh Mohammed bin Mah-
fonz. chairman of NCB's man,
agement committee and
Sbeikh Khalid's brother, said
in a statement from the bank's
Jeddah head office he had
“reluctantly accepted” the res¬
ignation, which he called “a '
sacrifice he believes is in the
best interests of the bank”.
Sheikh Mohammed will take
operational control of NCB.
The statement quoted Sheikh
Khalid saying "he cannot allow
the continuing smooth opera¬
tion of. the bank to be inter¬
fered with in any way* as a
result of the indictment.
“We are folly confident of
Sheikh Khalid's innocence.”
the statement said. “God will¬
ing, he will be vindicated.”
Sheikh Khalid's resignation
clouds the immediate outlook
for NCB, which bolds around a
third of Saudi Arabia's total
bank deposits, claimed assets
in 1991 of SR82L3bn <$22bn) and
Is widely viewed as the Saudi
royal family's bank, but which
has produced no full financial
figures since 1989.
Capital Intelligence (CD, the
Arab world's fading bank rat¬
ing agency, last month
suspended NCB's rating on the
ground tbat it had produced no
accounts for 1990 and ,1981 and
- said in a drcttLtt-to'dientsthat
the bank's ownership struc¬
ture, as .ah unlimited 'liability
partnership, was “inappropri¬
ate for its size”;. -
The bank, which prizes the
confidentiality afforded .by Us
position as Saudi Arabia's sole
privately-held bank, is major¬
ity owned by Mn_ Mabfniia ,
family/ with the: kingdom's
wealthy al-Kaaki family hold¬
ing the remainder. -
...NCB closed.; its London
branch in May, justifying the
. move, on cost grounds. How¬
ever, the Bank of England is
widely believed to have been
nxuromfortable that . the bank,
which had a loan book worth
some Slbn in London, had.
released ho figures since 1989!!
spoke of the difficulties he had
faced. But the government also
seems prepared to sacrifice
him if need be.
All the opposition parties are
intending to vote against the
government in a no-confidence
motion over its handling of the
scandal, which is expected to
be tabled in the early days of
the session. Though the gov¬
ernment has only a bare major¬
ity. its co-ordination is better
than that of the opposition. In
addition, none of the opposi¬
tion parties is yet ready for an
election.
At least two ministers are
constantly named in private
conversations in Delhi as hav¬
ing an involvement in the
scandal. But ministers and
senior officials seem increas¬
ingly confident that the opposi- :
tion does not have material to
substantiate charges of wrong¬
doing.
The government’s confidence
has been strengthened by some
signs of improvement in the
main economic indicators. The
inflation rate has dropped to
just over 11 per cent and gov¬
ernment economists believe
that the year-on-year rate will
descend to single digits in the
next few months.
A rise in imports in the Feb¬
ruary to May period is seen as
a sign of industrial production
picking up and officials are
encouraged by the large num¬
ber of companies planning to
focus more on exports.
But with industrialised econ¬
omies in prolonged recession,
there is much uncertainty over
how strong the growth In
export performance will be.
There is also uncertainty
over whether the government
- already on the defensive
over the financial scandal -
will have the courage to push
ahead with unpopular eco¬
nomic decisions.
A youth confronts soldiers yesterday surrounding the house of ANC member George Sgomora who was killed in a hand grenade attack^ the township ofVosloorus
S African sackings likely to fuel militancy
By Philip Gawith in Johannesburg
TWO LARGE-SCALE sackings of
striking workers in South Africa are
expected to fuel shopfloor militancy
and bolster the mass action campaign
of the African National Congress and
its trade union ally, the Congress of
South African Trade Unions (Cosatu).
The dismissal this week of 6,000
workers at the Toyota assembly plant
in Durban follows the sacking of 7,400
state health workers by the Transvaal
Provincial Administration (TPA).
Although both strikes preceded the
start of the mass action campaign, they
have assisted Cosatu’s efforts to raise
the level of industrial activity culmin¬
ating in a general strike next month.
A Cosatu official said the dismissals
were “adding fuel to the Are" of
already high levels of industrial action.
Andrew Levy and Associates, a labour
research group, estimates that 650,000
working days were lost in the first half
of 1992 compared to 375,000 in the
same period in 1991. There is already
evidence that the large-scale dismissals
will provoke widespread solidarity
action from other unions.
Meanwhile Mr Nelson Mandela, the
ANC leader, yesterday held talks with
business leaders . about the political
impasse in the country. The business
group held similar talks last week with
President F W de Klerk and with Chief
Mangosuthu Buthelezi, the Inkatha
leader. Mr Mandela said he was “very
encouraged” by the talks which had
“narrowed the gaps between us”.
The business delegation conveyed Its
disapproval of mass action saying “a
gnnmdsweU of opinion is rising that
we cannot support actions which will
further damage or destroy the economy
or bring more violence or disruption in
its wake.” Toyota claim that strike
activity this year has cost them 45 days
of production or S675n (ti28n) in lost
turnover. Last monfe the Reserve Bank
reported that ;fhe economy had con¬
tracted at an aninmlised rafe-of 2 per
cent during the first quarter.
The three-week strike at Toyota
arose out of an earlier strike - the
union, the National Union of Metal¬
workers, took exception to the fact that
management paid shop stewards for
negotiating during the strike, but did
not pay workers. The hospital workers'
strike concerns wage demands. The
employees had until yesterday to pro¬
vide reasons why their dismissals
should be reconsidflted. ' -
Delhi allows private
TV on state network
By Shiraz Sidhva
In New Delhi
INDIA is for the first time to
allow private broadcasters to
use the state-owned television
network.
The government announced
yesterday that it would allow
private companies broadcast¬
ing time on a second channel
beamed to main cities.
The partial privatisation, to
start next month, is a belated
response to the competition
being faced by Doordarshan,
the state-owned television ser¬
vice, from CNN, the BBC, Star
TV and other networks using
satellite links.
The second channel, focusing
on audiences in Bombay,
Delhi. Calcutta and Madras,
will show independently made
programmes and will be gov¬
erned by a Broadcasting
Council intended to be
free of government control
Independent television pro¬
ducers have welcomed the gov¬
ernment's decision.
The council will be made up
of nine people drawn from the
media and performing arts, all
of whom will have experience
of electronic media.
Producers hope that the
quality of programmes on
Indian television will improve
substantially once private pro¬
ducers “with proven track
records” are issued licences by
the Council for ah initial five-
hour time slot rising to nine
hours.
The Information Ministry,
which has faced widespread
criticism of its mediocre pro¬
grammes and arbitrary’ censor¬
ing. hopes to increase its com¬
mercial revenue substantially
from advertising on the new
private channel and from the
licence fees of cable operators.
Taiwan eases
entry curbs
on dissidents
TAIWAN yesterday cut bum
282 to five the number of dissi¬
dents barred from returning to
Taiwan from abroad, AP
reports from TaipeL
“The government allows
entry of all Taiwanese living
abroad, except those with
records of violent acts,” said
Mr Wn Poh-hsinng, interior
minister. Officials have said
np to 800 people were barred
from entry three years ago.
Wu declined to identify the
five still on the blacklist. Bnt
they are believed to be pro-in-
dependence group leaders,
including Mr Shih Ming, head
of the Tokyo-based Indepen¬
dent Taiwan Association.
The announcement came
after MPs yesterday approved
revisions to the National Secu¬
rity Law, which was enacted
after Taiwan lifted 38 years of
martial law In 1987.
Labour shortages hold
back Singapore growth
TIGHT labour supply will limit
Singapore's economic growth
this year to between 4 and 6
per cent, according to the Mon¬
etary Authority of Singapore
(MAS). The economy grew by
6.7 per cent in 1991. AP reports
from Singapore.
Rising labour costs will curb
exports, the MAS, Singapore's
central bank, said in ah annual
report. Weak US demand is
likely to dampen, exports by a
leading Singapore industry,
computer disk drive manufac¬
turing, and consumer electron¬
ics will be depressed because of
high inventories in. Japan and
Europe, it said.
Overall, however, "increased
spending on public infrastruc¬
tural projects, a revival in
exports to the UK and
Increased trade with China will
provide the main impetus to
growth.” Pharmaceuticals and
special chemicals should con¬
tinue to 'prosper, while petro¬
chemical exports will be hit by
- a regional glut, the report said.
“The appreciation of the
Singapore dollar since 1988
' served to neutralise foreign
inflationary ; pressures and.
. exerted a cooling effect on the
overheated labour market,"
said Mr Richard Hu, MAS
' chairman and. finance minister.
“A Weakdr exchange rate
- may indeed help achieve
higher export and gross domes-.
tic growth in the short term. It
comes, however the; cost of
higher inflation, .which: m ust
'.eventually' undermine competi¬
tiveness,” said Mr Hu.
"There, is no lasting gain in
output .arising . from a weaker
currency. More often than not,
.persistent inflation' erodes
investor confidence, . engenders
social, divisiveness, : and
impairs long-tehh. economic
growth."
Israeli chorus for privatisation sets Labour’s agenda
Hugh Carnegy reports on a stunted programme that could provide much-needed funds but divide the new government
AT FIRST sight it looks like a report on Israel, published this Partial stakes in key companies. Bank Hapoalim. Bank Leumi and be swept aside by a more pressing described these as “natural monoDO-
case of the cat being asked month by the Economic Intelligence such as Israel Chemicals and Bezeq. IDB are projected for a stock concern: the fiscal pressures mi the lies”, companies of strategic imoor-
to hand over the cream: Unit (EIU), says that the government the telecommunications monopoly, exchange flotation. But legislation new eovemmant imposed hv immi. tancfl tn fhp rmmtru and tkiun
could raise between S7bn (£3.6bn)
and $10bn from asset sales over the
next four years.
AT FIRST sight it looks like a
case of the cat being asked
to hand over the cream:
Israel's Labour party, in the past a
diligent builder of socialist struc¬
tures, is facing a near unanimous
chorus of advice to speed up privati¬
sation when It takes over the gov¬
ernment next week.
Far from mewling in protest these
days Labour leaders wrinkle their
noses at the notion of state control
of industry. In fact, they queue up to
voice the merits of selling-off the
great chunks of Israel’s productive
capacity that have accumulated in
government hands.
“In principle we have to review
everything," says Mr Avrahara Sho-
chat. a senior Labour member of par¬
liament and candidate for the post of
finance minister.
Privatisation has become accepted
in Israel as an essential element in
generating sufficient growth and
funds to cope with mass immigra¬
tion from the former Soviet Union. A
The government ‘could
raise between $7bn and
SlObn from asset sales
over the next four years’
That would represent a significant
part of the S50bn the Bank of Israel
estimates is required to attract and
absorb a target of im Jews from
former Soviet territories within five
years.
But though the outgoing adminis¬
tration was controlled by the avow¬
edly free-market Likud party, priva¬
tisation steps have been painfully
slow since First Boston of New York
produced a plan in 1988 for privatis¬
ing 24 companies within four years.
Partial stakes in key companies,
such as Israel Chemicals and Bezeq.
the telecommunications monopoly,
have been successfully floated on
the Tel Aviv Stock Exchange. Some
small companies, such as Mam an. an
airport cargo handling outfit, have
been sold. But government control
over almost ail of the biggest state
companies remains intact.
Labour will also have to tackle the
complex problem of the country's
big four banks, which together con¬
trol the vast majority of the local
banking system and which them¬
selves are big industrial owners.
Since a STbn government bail-out in
1983. following a share price col¬
lapse, a majority or the shares in
Bank Hapoalim, Bank Leumi. Israel
Discount Bank (IDB) and Rank Miz¬
rahi have been held by the state,
although without management con¬
trol
Bidding is under way for Bank
Mizrahi and Bank Igud, a twit of
Bank Leumi. Minority portions of
Bank Hapoalim, Bank Leumi and
IDB are projected for a stock
exchange flotation. But legislation
placing the banks under state con¬
trol if they are not sold off by next
year will need to be amended if
nationalisation of the others Is to be
avoided.
The government's tendency to use
the banks as instruments of policy,
and a long record of bad debts, has
raised questions over whether for¬
eign investors will be willing to
come into the market To date, no
foreign banks operate in Israel, bar a
partnership that Barclays of the UK
holds in an offshoot of IDB. Without
foreign investors, potential local
buyers - such as the HIstadrut
trade union federation, which would
like to repurchase its pre-1983 owner*
ship of Bank KapoaUm - will find it
hard to raise the necessary funds.
Mr Pinhas Landau, author of the
EIU report, behoves that any struc¬
tural or ideological impediments to
the process of privatisation will soon
■ be swept aside by a more pressing
concern: the fiscal pressures on the
new government imposed by immi¬
gration- “The government," he says,
"will have to have the money and
that’s what will drive them."
Rabin ‘will face formidable
interest groups in his party
that interpret privatisation
in a peculiar way’
Labour certainly sees privatisation •
as a vital source of funds for much-
needed infrastructural investment in
the economy.1 But some advocates of
market reforms' in Israel continue to
doubt- Labour's commitment to get¬
ting the. government out of decision-’
making in industry and business.'
Me Shochat himself said there
- were three categories of company, in
which Labour envisaged the govern¬
ment continuing to retain a control¬
ling 26 per cent shareholdings He
. described these as “natural monopor
• lies”, companies of strategic impor¬
tance to" the country, -and those
which play a vital security role. -
These encompass Bezeq and the
: Electric Corporation in the first cator
- gbry. firael Chemicals in the second -
and' Israel Aircraft Industries in the.
ttM; Mr Yitzhak Rabhvthe Labour
\ leader, has added ET A1 to -the list. ;
: As oneof its last acts,.the outgoing
. government -at the weekend ruled •
. that Tim. the' -merchant shipping
- company, should also remain under
government control
- “L think Rabin honestly --wants, to .
. see .privatisation pursued,” says Mr
" Daniel Doron, head of the lsraeL Cen-
..tore for Social, and Economic -Prog¬
ress. “Bat he wiH face formidable.
; interest groups in his party -who will
- interpret privatisation- in A;' peculiar ■■
..way. T don't, think many of them
realise what private. ownership
means, what a regime qf competition
. is and why it is important, tor. tire .
: economy" - : ^ .
By. Ian Hamilton Fazay .
OPIUM ^ AND - cannabis
production in Lebanon's Bekaa
Valley a prime source of
fonds for Hizbullah Islamic
fundamentalists 'has., been
wiped out by the Syrian army.
The valley has long been one
of the- world's principal centres
for growing .Illegal drugs but
policing" was non-existem dur¬
ing Lebanon’s civil war.
However, the subsequent
large presence of Syrian troops
in Lebanon and Syria's power¬
ful influence in the country,
with which Damascus gignud
broad "co-operation," agree¬
ments' last year, made the task
of clearing the Bekaa feasible.
The world’s other main ille¬
gal opium production areas are
in Afghanistan, Pakistan and
south-east Asia. New fields
have also been sown this year
j ' 50nfl»
|g ISRAEL/ / ;
in the former Soviet Union,
with traffickers taking advan¬
tage of current turmoil. ;
The UN says the Bekha
crackdown is not going to stop
trafficking, bnt it has disrupted
European supplies. As a proba¬
ble result, there have been
shortages of cannabis (Hi the
illegal British market for sev¬
eral months. - -
The Syrian crackdown
started soon after talks
between President Hafez al-As-
sad and Mr James Baker, the
US secretary of state, about the
time of last year's Gulf War.
Mr Baker is believed to have
suggested that tackling Leba¬
non’s rale in supplying a sig¬
nificant part of the world file-
gal drugs market might be one
way Syria could improve rela¬
tions with the US and western
Europe.
The United Nations Drug
Control Programme in Vienna
carried out a snap Inspection
five weeks ago, when popples
should have been in.bloom and
cannabis plants growing
strongly. Mr Bernard Frahi, a
former police superintendent
in France who led the inspec¬
tion, said yesterday the crack¬
down has dealt a strong blow
to illegal drag trafficking.
“The Syrian army just got on
with it,: beginning last year
when they seem to have eradi¬
cated about 80 per cent of the
crops. This year they finished
the job," Mr Frahi added.
Some groups in Beirut
claimed growing is still going
on, but were unable to produce
evidence ~to the UN's three-man
team, which had free access to
the valley. Photographs taken
by the team show the Bekaa! -
about 75 miles long by eight
miles wide - looking like a
large ploughed field. Two years
ago, photographs from similar
positions show purple-white
opium poppies as. far as the eye
can see.
. The team’s unpublished
report-! on .toe- inspection -says -
there- has been '-an -immediate ;
effect on the drugs market.
Raw-opium for processing into
morphine and heroin is . now so
short its price in Beirut has
rocketed from 570 a tonne to
more than $500. :
. According to Syrian esti¬
mates, up to 1&500 acres in the
Bejcaa were planted with
ojaim and up to 40,000 acres
with cannabis, yielding 50
tonnes of opium, and 1,000
tonnes. of hashish. : The opium
would then be refined into
about five tonnes of heroin.
-• The Lebanese civil war
aEowed easy bulk'shipment by
sea; with profits helping to
fond the fighting. With peace
and tighter Syrian control, six
“c.oihtrdlled • delivery”
operations have been carried
Lebanon this year,
leading to drug.seizures in Ger¬
many, --.the US, -Britain- and
Ertoice; Mr "Frahi said tighter
policing was also preventing
dn® smuggling across Syria.
•'* Cultivation to the Bekaa- was
spilt between a large local fiun-.
fly. wifrKOOO. members, Hizbol-
lah activists, smaller families
andr'ihdfvfdudl farmers.' Many
are -hB^sthiggltog -to . subsist -
by griping lettuce, - tornadoes
and potatoes.' but" are losing
money because of . the cost of
seeds.fertihser andtaigatlon. ■
'.Illegal drjigs are low-cdst,
-law-maiptezfaBce xrops,;/and
fanners toTd’ &e' UN, team they
wifi , revert .to growing them. If
Syrianr^ge^r^.Wtortawffl,
be ifo letu^ -r ' ;v :l"v- :Y.
N
\
FTNANGIAL TIMES WEDNESDAY JULY. 8 1992
-A
NEWS: UK
%
Tfi
Fourth Trident ordered ♦ Gulf war lessons ♦ Commitment to smaller, better forces
UK prepares global defence strategy
By Daniel Green
and Anson Smith .
BRITAIN yesterday set out its
post -cold -war. defence strategy
designed to allow the UK to
respond to a threat anywhere
Ip the world rather than just in
Europe. - -
“The strategic environment
has been transformed over the
last four years," said Mr Mal¬
colm Rifkind, defence secre¬
tary, in - the- defence govern¬
ment policy document (white
paper! published yesterday.
• The distinction between
tasks in Europe and “odt of
" area” had become blurred, the'
white paper says.
Policy aims in place since
1975 should be replaced with
Decade of
cost-cuts,
efficiency
drivesahead
By Daniel Green
WOMEN may train to become
commandos and a "green min¬
ister", Lord Cranbome, has
been appointed at the Ministry
of Defence.
These are just two of the
developments In this year's
defence white paper. But ther
underlying message is little
changed from last year, the
1990s will be a period of effi¬
ciency drives and cost-cutting.
The commitment to develop-
- ing "smaller but better forces”
following the two-year-old
Options for Change pro¬
gramme of cuts is restated.
The procurement side has been
pruned in an effort to keep
within the Treasury's £24bn-
£25bn target for annual spend¬
ing until 1995.
However, many spending
plans do -survive. They include
the re-equipping of the First
Armoured Division with new
tanks, armoured vehicles, artil¬
lery and other systems that
will increase its combat capa¬
bilities by 25 per cent by 1996,
and by more than a third by
2000.
The white paper confirms
that more plastic-hulled San-
down -class minehunters will
be ordered. ,*.%V
More than 75 per cent of
defence contracts in the past
year were placed by competi¬
tion or priced by. reference to
to market forces, the, white
paper says. The- ministry Is
conducting a feasibility study
on the creation of a European
armaments agency with a view
to easing cross-border arms
procurement.
Other lessons learnt from
civilian privatisation are also
working their way into the mil¬
itary. The introduction last
year of a New Management
Strategy has led this year to
the analysis of defence
resources by budget-holder
rather than by programme.
The strategy, which intro¬
duced efficiency targets for
planning and resource alloca¬
tions, is designed to save 1.5
per cent of the defence budget
in its first year, with a target
.of 2.5 per cent savings in each
of the next three years. Sat*
measures should save up to
£4bn annually within three
years, Mr Malcolm Rifkind,
defence secretary, said yester¬
day.
- three' new overlapping roles:
• The protection and security
of the UK and dependent terri¬
tories, even, when there is no
. external threat
•: insurance -' against ' any
external threat jto the UK and
: its allies. *" 'i:'-/'
•'# Promote the .‘UK’s wider
security~mterests through the
" maintenance- of international
peace and stability .
Backing this up, the govern¬
ment-confirmed its order for a
-fourth and - final '-Trident
nuclear submarine to be* built
by Vickere at Barrow-in-Fur-
■ness, - Cumbria in north-west
: -England; • . ’ -P; ; - . .
Britain's new defence roles
.replace a four-pronged -policy
which speeffied commitment to
Nato, the UK, mainland
Europe, and sea power In the
eastern Atlantic and the
English Channel. Mr Rifkind
said that Nato nevertheless
remained the "bedrock” of UK
defence policy.
Defence spending would rise
sfightly in cash terms over the
next three years, the white
paper says. Mr Rifkind said
this still represented savings of
up to £4bn a year in real terms
by the end of that period. Such
cuts were “right and proper" -
Britain was not a global power
and its ability to contribute to
worldwide operations would be
limited, he said. - .
"We are a middle-ranking
European power a small
island in the northern hemi¬
sphere," Mr Rifkind said.
Defence has already been
identified by the treasury as
ripe for cuts in this year’s pub¬
lic spending round.
Mr John Townend, the chair¬
man of the Conservative back¬
bench finance committee, said
the UK could take on an inter¬
national peace-keeping role,
but the new strategy should
not mean that the UK had to
bear a “disproportionate"
share of the cost.
The white paper reveals that
the UK will have received £2bn
in cash from Gulf war allies in
payment for the UK's involve¬
ment The result is that the
war will have cost the UK
£500m.
Opposition spokesmen con¬
demned the white paper as a
“catalogue of lost opportuni¬
ties" which showed no evi¬
dence of fresh thinking.
Mr Martin O'Neill, the
shadow defence secretary,
highlighted what he called the
paper's failure to deal ade¬
quately with the "challenge to
maritime security and air
power presented by the new
world order”.
Mr Meozies Campbell, Lib¬
eral Democrat defence spokes¬
man. said that the government
had failed to face reality on
nuclear defence. "We need the
fourth submarine but we do
not need any more warheads
on Trident than there
are on the Polaris system", he
said.
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Challenger tanks take part in- a' simulated battle in the Saadi Arabian desert prior to the Gulf war
Report targets Gulf hardware
By Paul 'Abraham*
RELIABILITY of army land
vehicles daring the Gulf war
was criticised yesterday in the;
annual government policy doc- :
ament (white paper)-' on
defence.
The report said, reliability
problems had considerable
implications for operations,
and had. only been overcome
by a disproportionate applica¬
tion of . maintenance and
spares which had to be loaned
or purchased from allied and
friendly countries.
In spite . of such problems,
preliminary lessons from the
war suggested no major
changes in British military
doctrine and organisation
were required.; The report said
the Gulf campaign exposed a
number of shortcomings,
although these should not
detract from an outstandingly
successful operation.
Problems highlighted by the
white paper will provide the
armed services with opportu¬
nities to lobby for projects
such as the European Fighter
Aircraft and the army’s new
anti-tank helicopter.
The performance of. Chal¬
lenger 1, the British army’s
battle-tank manufactured by
Vickers, was described merely
as "effective.” The tank’s reli¬
ability and fire control system
were limiting factors, says the
report Since the war, the Min¬
istry of Defence has put In an
. order for about 130 new-gener-
ation Challenger 2 tanks.
The paper says older support
and engineering vehicles were
unable to keep up with more
modern equipment and were
left behind.
The report also lobbies for a
replacement for the Lynx,
anti-tank helicopter saying the
aircraft lacked the survivabil¬
ity required in an attack heli¬
copter. The army has indicated
a strong preference for the
American AH64 Apache. West-
land of the UK has reached an
agreement with McDonnell
Douglas of the US for a Brit¬
ish-assembled version.
The Midge drone, used to
provide airborne surveillance,
proved unreliable and unable
to provide real-time informa¬
tion. A new remotely piloted
vehicle, called Phoenix, is due
to replace Midge in 1993.
The report attempts to
explain why the Royal Air
Force lost six Tornado GR1
jets. It denies this was because
they were flying low to use the
airfield denying weapon,
JP233. Only one jet was lost on
a JF233 mission.
However, four of the aircraft
were lost at low level, the only
height where the jet’s sensors
and weapon systems could be
effectively employed. The
report concludes the conflict
demonstrated a need to a more
flexible approach to future
RAF training requirements. It
also argues it showed the
importance of achieving air
superiority and the value of an
agile aircraft such as EFA.
British intelligence organi¬
sations are cleared of misread¬
ing President Saddam Hus¬
sein's intentions. Intelligence
resources at the time were
focused on the changes in east¬
ern Europe and the then
Soviet Union.
The whole campaign cost the
UK abont £2.5bn, according to
the paper. The Ministry of
Defence said yesterday about
£Z.5bn had already been sup¬
plied through burden sharing
and it expected approximately
£5 00m to be provided before
the end of the year.
Britain in brief
EG allows
sleepers
in tunnel
British Rail's long-delayed
plans to run sleeper trains
through the Channel tunnel to
the Continent were given pro¬
visional approval by the Euro¬
pean Commission.
The EC's competition direc¬
torate Indicated that it was
prepared to let the services go
ahead provided BR and its
Continental railway opportu¬
nities did not attempt to bar
ABBEY NATIONAL TREASURY SERVICES PLC
(FORMERLY ABBEY NATIONAL BUILDING SOCIETY)
£42^)00,000 AMORTISING SUBORDINATED
FLOATING RATE SERIAL NOTES DUE 1997
In accordance with the provisions of the Notes, notice is hereby
given as follows:
* interest period: 3rd July, 1992 to 5ih October, 1992
* interest payment date: 5th October. 1992
* interest rate: 1038281% per annum (including the margin)
* coupon amount: £26.55623 per Note of £1.000 ,000 .
Agent Bank
other train operators from set¬
ting np in competition.
• Eurotunnel, the
Anglo-French company bund¬
ing the Channel tunnel, yester¬
day announced that the shut¬
tle train service that will cany
lorries and cars between Fol¬
kestone and Calais from
autumn next year is to be
known as Le Shuttle.
Threat from
UK lenders
Two of Britain's biggest mort¬
gage lenders threatened to
raise mortgage rates unless
there was a cut In bank base
rates. The statement was pro¬
voked by the launch yesterday
of a new National Savings
product, the First Option Bond
Bank to back
supervision
The Bank of England is expec¬
ted today to respond to the
criticisms of a Commons'
select committee and back
stronger hanking supervision
laws following the collapse of
Bank of Credit and Commerce
International
Extra powers to act against
banks whose opaque or inter¬
nationally-spread structure
makes regulation difficult are
expected to be proposed by the
Bank in its formal response to
the cross-party Treasury select
committee investigation into
the affair.
However, the Bank is expec¬
ted to delay until after the
publication of the official
inquiry into BCCI, under Lord
Justice Bingham, its detailed
response to specific criticisms
of the closure of bank more
than a year ago.
Offer tightens
power code
Offer, the electricity industry
watchdog, has made its first
real move to tighten electricity
regulation since the Industry
was privatised two years ago.
It has proposed a substantial
cut in the charges electricity
consumers pay for using the
national electricity network,
owned by the National Grid
company.
• In a separate development
pressure is growing for extra
powers be given to the director
general of Ofwat, the water
industry's regulator, to direct
Britain's privatised water com¬
panies to pay compensation to
customers who have suffered
from poor service.
EC ruling on
deportation
The European Court of Justice
in Luxembourg ruled yester¬
day that Britain had wrong¬
fully deported an Indian man
married to British national
who had returned to the UK
after working in another Com¬
munity country.
£1,000 bid wins
TV channel
An army of 2,000 video
recorder returners will visit
every home in London to clear
the way for the launch of
Britain's fifth national televi¬
sion channel.
The strategy, which will cost
a total of £75m across the coun¬
try, was unveiled yesterday as
a consortium led by Thames
Television submitted tbe only
bid for the Channel 5 licence to
the Independent Television
Commission.
The bid was for the mini¬
mum figure of £1,000 a year.
Tension over
Ulster talks
Northern Ireland Unionist
leaders presented their posi¬
tion papers in talks with the
Irish government amid the
first visible signs of the ten¬
sions the London negotiations
have caused in Unionist ranks.
Three local councillors
announced their resignations
from the Rev Ian Paisley's
hardline Democratic Unionist
Party the in protest at the
leaders' presence at the Lan¬
caster House talks.
The talks represent the
widest-ranging negotiations on
Northern Ireland's political
future to be held In 70 years.
The chairman of the talks is
Sir Ninain Stephen, tbe former
governor-general of Australia.
Heseltine to
press for
shake-up in
energy market
By Neil Buckley
THE UK will use its presidency
of the European Community to
push for urgent liberalisation
of Europe's energy market, Mr
Michael Heseltine, trade and
industry secretary, said yester¬
day.
Speaking at the Financial
Times conference on North Sea
Oil and Gas, Mr Heseltine said
the segregated energy market
was a “major anomaly within
the new Europe now taking
shape."
If the aim of a genuine single
European market was to be
achieved, he said: "It is
self-evident that nation
states cannot simply pick and
choose which Single Market
measures they are prepared to
adopt"
He said the UK would press
for
• The removal of statutory
monopolies across Europe, so
that other players could enter
the market
• Greater transparency
between production, transpor¬
tation and supply, to eliminate
cross-subsidies and allow new
market entrants clearly to
assess the challenges.
• Open access to existing
pipeline and transmission
infrastructures for new suppli¬
ers.
Mr Heseltine warned
that the segregated energy
market led to significant
disparities between energy
prices in member countries.
This could harm the competi¬
tiveness of industry in some
countries, and of Europe as a
whole.
European Court
rules on British
pension payments
By Norma Cohen,
Investments Correspondent
THE UK government yesterday
won a significant victory in its
efforts to reorganise state
social security provision when
the European Court ruled that
British men can legally be
required to pay contributions
for a longer period than
women.
Mr Peter Lilley, social secu¬
rity secretary, termed the rul¬
ing "good news" and said it
would allow the UK to get on
with its task of reorganising
social security provision to
eliminate variations between
men's and women's benefits.
The DSS is considering sev¬
eral options to equalise the age
at which men and women may
retire. Rules allow women to
retire at 50 after 39 years of
contributions on a full state
pension while men must wait
until 65 and pay 44 years of
contributions to receive the
same benefits.
Mr Paul Greenwood of the
consulting actuaries Mercer
Fraser, said that if the judg¬
ment had gone against the UK,
the government could have
been forced to spend billions to
immediately end the system of
differential contributions and
make retrospective payments
to men going back to 1984.
Mr Roger Key. partner at
Watson’s, consulting actuaries,
said the decision reflects the
Court's recognition of the great
difficulties involved in revamp¬
ing public social security bene¬
fits. "They have said it is all
well and good having these
marvellous ideas but somebody
has to pay for them."
Only four European states
have so far fully equalised ben¬
efits for men and women and
one of them, Germany, has yet
to equalise contributions. Of
those which are planning
equalisation, most are consid¬
ering a retirement age of 65 but
Ireland plans to require
waiting until 66 while Den¬
mark will equalise at 67. The
UK is currently considering
options ranging 60 to 65.
The case was brought by the
Equal Opportunities Commis¬
sion which argued that current
UK social security rules on
contributions are discrimina¬
tory. The commission did not
argue against the current prac¬
tice of allowing women to
retire at 60 while requiring
men to wait until 65, but said it
was unfair to require men to
pay contributions longer than
women to achieve the same
benefits.
in its ruling, the EC said that
a 1979 directive on social secu¬
rity benefits allowed for a tran¬
sitional period during which
member states could phase in
equitable retirement schemes.
“It can he deduced from, the
nature of the exceptions con¬
tained Ln the directive that the
Community iegislatiou
intended to allow member
states to maintain temporarily
the advantages accorded to
women with respect to retire¬
ment in order to permit them
progressively to modify the
pension systems without dis¬
rupting the complex financial
equilibrium of those systems.”
London’s trade role
faces invisible threat
The City of London's
international trade in
financial services,
known as ''invisibles", is being
threatened by deficiencies in
the "invisible infrastructure",
according to an exhaustive
investigation called the City
Research Project.
The invisible infrastructure
is the system oi regulating and
policing the City - the regula¬
tory authorities and the legal
structure.
Professor Richard Brealey,
who led the London Business
School team commissioned to
write the report by the Corpo¬
ration of London, says one
such threat is the proliferation
of official bodies with an inter¬
est in the development of
financial markets.
Professor Brealey believes
that this lack of a “single or
coordinated focus on London's
international competitive posi¬
tion" is an obstacle to collec¬
tive action to solve any per¬
ceived problems in the City.
On the other hand, he agrees
that the creation of a “super-
authority”. combining all regu¬
latory and sponsoring powers,
would not necessarily be the
best solution. Such a body
would be huge and unwieldy.
Another invisible threat is
the imposition of new regula¬
tions on the London market in
the form of European Commu¬
nity directives. In this case,
these Europe-wide rules may
not be sensitive enough to the
needs of Europe's most sophis¬
ticated markets in London.
He is less pessimistic about
the damage done by London's
more visible problems, such as
its aging and congested trans¬
port system.
The report, brainchild of Mr
Stanislas Yassukovich, invest¬
ment banker and former chair¬
man of what was the Securities
Association, contains a long
list of potential problems for
the City but an almost total
absence of solutions.
A programme of action may
in time be drafted. The interim
report published yesterday was
Robert Peston
looks at the
City Research
Project and
its findings
the result of six months of
interviews with 200 City fig¬
ures and the distillation of
thousands of pages of statis¬
tics. Professor Brealey has
another two and a half years of
research in front of him.
He defines an international
financial financial centre as
having two characteristics: a
relatively high level of cross-
border transactions and a con¬
centration of offices of foreign
financial institutions. On that
definition, London is the
world's biggest international
financial centre - as distinct
from being the world's biggest
financial centre, since the
domestic business carried out
in New York and Tokyo far
outstrip’s London’s.
The greatest concentration of
financial employment in the
world is in London, according
to the report. Government fig¬
ures show that 620.000 people
worked in finance and business
services in London in 1989.
around 100.000 more chan in
New York.
London contains the
greatest number of for¬
eign banks of any finan¬
cial centre. Even in 1991, a
year of recession in banking, 31
new banks opened a London
office and 15 banks departed.
There was a net loss of US
banks from London, but these
were replaced by Japanese and
continental ones.
There may be little sign of
banks leaving London, but
other centres are attracting
new' banks in greater numbers.
At the same time. London’s
large share of total interna¬
tional bank lending is declin¬
ing slightly, according to fig¬
ures from the Bank for Interna¬
tional Settlements, the interna¬
tional forum of bank regula¬
tors. Nonetheless if foreign
lending to domestic residents
is excluded. London is the larg¬
est international banking cen¬
tre with a 16 per cent share,
compared with 15 per cent for
Tokyo.
One of the more surprising
conclusions Ln the report is
that London's biggest business
by a wide margin is in foreign
exchange dealing. Professor
Brealey has for the first time
tried to compare the gross rev¬
enues generated by different
financial services, though his
attempts have been hampered
by the paucity of reliable data.
He admits his figures
may need revision but
believes the positions
of tbe eleven financial services
shown in the above table are
broadly accurate. The gross
revenues include commissions,
fees and “spreads" on trading
and lending activities - or the
difference between buying and
selling prices - but take no
account of a business's over¬
heads.
Nonetheless the importance
of the banking sector to Lon¬
don is demonstrated clearly,
given that foreign exchange
trading and international bank
lending are respectively the
top two earners in the City.
Given the relative impor¬
tance of foreign exchange trad¬
ing to London, any move
towards monetary union in the
European Community will
have profound effects for Lon¬
don. Professor Brealey does not
believe the disappearance of
trade in sterling, francs and
other European currencies
would be too damaging.
Nonetheless, it is clear why
the government attaches great
importance to the location of a
European central bank or its
money market dealing arm in
London. The rewards for the
City of being the dealing centre
for a unified European cur¬
rency could be huge.
How the City earns its money
Gross revenues Eton, 1 991
3.5 - - —
35*
2. 5-
Int'l Inti SEAO
bunk insurance
lending
Inti Financial Commodity Inti Traded Overseas
bond futures futures invest options equities
under- options options manage- IPOs
WTfttng merit
Souffle: Cuy Reewai Frojeo
V
FINANCIAL TIMES WEDNESDAY JULY S 1992,
FT LAW REPORTS
No Mareva for premature claim
ZUCKER AND OTHERS v
TYNDALL HOLDINGS PLC
Court of Appeal
(Lord Justice Dfllon. Lord
Justice Neill and Lord Justice
Stoughton):
May 7 1992
THE COURT has no jurisdic¬
tion to grant a Mareva injunc¬
tion in respect of a premature
claim for specific performance
of a contract which has not
been breached and is not
threatened by prospective
breach.
The Court of Appeal so held
when dismissing an appeal by
the plaintiff appellants. Mr Wil¬
lard Zucker, three members of
his family and Mr Phillipe
Grossglauser, from Mr Justice
Morland's order discharging a
Mareva injunction obtained by
them against the defendant,
Tyndall Holdings pic. in pro¬
ceedings for specific perfor¬
mance of an agreement for the
sale of shares.
LORD JUSTICE NEILL said
that by an agreement dated
June 2 1989 the appellants were
allotted 25 per cent of the
shares in a Swiss company
called Tyndall Trust The other
75 per cent were allotted to
Tyndall International Hold¬
ings, a Bermuda company
which was a wholly owned
subsidiary of an English com¬
pany, Tyndall Holdings.
The parties to the agreement
were the appellants. Tyndall
Holdings and Tyndall Interna¬
tional.
At the time of the agreement
Tyndall Trust’s share capital
was increased. The purpose of
the agreement was to enable
Mr Zucker and his companies
to join forces with the Tyndall
Group, and to enable Tyndall
Group beaded by Tyndall Hold¬
ings to obtain access to the
Swiss market and to have the
benefit of the services of Mr
Zucker and Mr Grossglauser.
It was a term of the agree¬
ment that if control of Tyndall
Trust should ever pass out of
the hand*; of Tyndall Interna¬
tional the appellants would be
entitled to exercise a put
option to sell their shares.
Article 4 of the agreement
defined a “put option” as the
right of minority shareholders
to sell the shares at a defined
price. It provided that if on or
before June 30 1992 Tyndall
International, without the
appellants’ consent, disposed of
a controlling interest in Tyn¬
dall Trust shares, then the
appellants would have a right
to exercise their put option
against Tyndall International
“at any time after such event,
but no later than September 30
1992".
The put option could be exer¬
cised by any or all of the appel¬
lants by sending a letter to
Tyndall International.
The agreement was governed
by Swiss law and disputes
were to be submitted to the
non-exclusive competence of
Geneva courts.
In September 1991 Tyndall
Holdings was taken over by
another company. That had
not been anticipated by the
appellants. One of the effects
was that Tyndall Holdings
shares were no longer going to
be listed on the stock
exchange.
On March 23 1992 the appel¬
lants exercised the put option
and sent their share certifi¬
cates to Tyndall International
It was accepted that if there
was a valid exercise of the
option the three months period
for issue of the shares would
expire on June 24 1992.
On March 25 the appellants
began proceedii^s in Geneva,
claiming a declaration that
they had validly exercised
their right to “put” the shares,
and an order that Holdings and
International should pay them
SFV6m with interest from June
24.
On March 30 the writ was
issued in the present proceed¬
ings claiming specific perfor¬
mance of the agreement for
sale of the shares constituted
by notice of exercise of the
option. On that day the appel¬
lants obtained an ex parte Mar¬
eva order.
The question was whether
the court had any jurisdiction
to grant a Mareva injunction in
the rirrnimsfawripg
On April 6 Mr Justice Mar-
land concluded that the nature
of the specific performance
action was such that any order
obtainable until or before Jane
24 1992 would be merely declar¬
atory. He concluded that the
court had no jurisdiction to
grant a Mareva injunction.
The appeal arose from that
decision. It was directed solely
to the question of jurisdiction.
Section 37 of the Supreme
Court Act 1981 provided that
the High Court might grant an
injunction “in all cases in
which It appears to the court
to be just and convenient to do
so”.
Those words were very wide
indeed, but the power con¬
ferred by them had been "cir¬
cumscribed by judicial author¬
ity dating back for many
years" (South Carolina [1987]
AC 24.40).
In the Siskina / 1979 J AC
210.256 Lord Diplock said the
power to grant an interlocu¬
tory injunction could only be
exercised “in protection or
assertion of some legal or equi¬
table right which it has juris¬
diction to enforce by final judg¬
ment”.
He said a right to obtain an
interlocutory injunction was
dependent on there being a
pre-existing cause of action
against the defendant “arising
ont of an invasion, actual or
threatened by him, of a legal or
equitable right of the plain tiff
for the enforcement of which
the defendant is amenable to
the jurisdiction of the court”.
The principle laid down in
SisJdna had been applied in a
large number of more recent
cases. In Siporex [1986] 2
Lloyd's Rep 428 Mr Justice
Bingham said It was dear law
that "a Mareva injunction will
not be granted to an applicant
who has no cause of action at
the time of application".
That sentence was cited with
approval by Lord Justice Bel¬
dam in Veracruz Transporta -
tion (FT. Nooember 19 1991).
One had to consider what
was meant by “cause of action”
in the present context A Mar¬
eva injunction could not be
gwmtpd nniwa there was an
existing cause of action which
could be immediately enforced.
In the present case there had
been no failure to pay the
SFrfin.
The attitude taken by Tyn¬
dall Holdings was that the cir¬
cumstances which would give
rise to the valid wiwsp of tlw
put option had not arisen. But
it was not suggested that there
had been any failure to pay the
money at this stage when June
24 was still weeks away and
there had been no repudiatory
breach.
The appellants had the right
to be paid but there had been
no invasion or interference of
that right
As the law stood at present,
for' the purpose of a Mareva
injunction it was necessary to
demonstrate that a legal or
equitable right had been inter¬
fered with or invaded, or such
an invasion or interference
was threatened - though
interlocutory relief could be
obtained in certain circum¬
stances to protect an equitable
interest even before the time
for performance under a con¬
tract had arisen.
On the facts of the case it
was not open to the court to
grant an injunction. It had no
jurisdiction to do so.
The appeal was dismissed.
LORD JUSTICE STAUGHTON
agreeing; said the question was
not whether the appellants had
a cause of action, but whether
they had a cause of action aris¬
ing out of the invasion, actual
or threatened of a legal or equi¬
table right
It appeared from Veracruz
(FT. November 19 1991), the
Steamship Mutual case (FT.
June 19 1992), Ntedersachsen
[ 19831 2 Lloyd* Rep 600 and
Siporex ]1986] 2 Lloyd’s Rep 428
that it did not cover a threat to
break a contract which was not
presently perfonnaMe.
In the present case there had
been no actual breach, and no
threat to break a term which
was presently periormable.
LORD JUSTICE DILLON
also agreeing that the appeal
should be dismissed for want
of jurisdiction, said a Mareva
amid only be granted by the
English court in support of a
cause of action which the
English coart had jurisdiction
to entertain.
The appellants sought to
establish in the Swiss courts
that they were entitled not to
shares but to a money payment
bong the value of the shares.
The Mareva relief was sought
in aid of that claim. But the
court’s jurisdiction to award
the money payment depended
on Swiss law and Swiss courts,
and the Rngfish court hid DO
jurisdiction to award it, nor
was it asked to.
Mareva relief in aid of the
claim for the money payment
must be premature until the
Swiss court bad made its deter¬
mination. The application was
premature.
For the appellants: Martin
Mann QC and Michael Cadd
(Jay Berating A Levine).
For Tyndall Holdings: John
Thomas QC and David Foxton
(Tamer Kenneth Broom).
Rachel Davies
Barrister
PEOPLE
Top teams at PW and Ernst & Young
Howard Hughes (left) plans to help stitch
Price Waterhouse, the accountancy firm,
into a “seamless" international practice in
his new role as world managing partner.
Hughes, 54. is the first incumbent of the
position, created at the same time as Sir
Jeffery Bowman and Shaun O'Malley, both
57. were appointed joint chairmen of PW
World Firm.
Hughes was managing partner of PW in
tiie UK during the second half of the 1980s,
joint managing partner of PW in Europe
from 1989-91 and then deputy chairman
there from 1991-92.
Sir Jeffery and O'Malley were joint chief
executive officers of PW world organisa¬
tion for the past two years. They will now
concentrate on supporting Hughes in his
new management role.
Hughes told his partners this week that
his role is to develop PWs worldwide
objectives and further develop its interna¬
tional network. “We must maintain and
strengthen the co-operative efforts across
firm and industry lines to provide clients
with a truly *wmmlgss service,” he says.
■ Meanwhile, at. Ernst & Young a new
has moved into the top jobs as their
mentor departs the UK for responsibilities
in Europe.
Hamid Cottam. 54, who was responsible
for ^ringing in a youthful management
team in the early 1980s, is stepping aside
as managing partner to take charge of
hiriMiny the firm’s pan-European consult¬
ing business.
Elwyn Efiledge has been reelected as
senior partner for a second three- year
term, and has announced a new ' team.
mostly in thdrndd to tate movianip .ft
one place from their previous jobs.
The vest UK managing partner - who
takes charge of day-today administration \ .
within the firm - Is Nick Land (right), -
formerly partner of the London
office.
Michael Boyd, former head of the AaUt
practice and energy and, natural resootcaa
group, becomes London office managing .
partner in his place."
Land says: “The marketplace is pretty
murderous and the profession is not
entirely Savour of the mcotiL But we are
internally in a strong position to meet
these challenges. Operationally we are te .
good shape. We can say the merger {of
Ernst & Whinney with Arthur Yonsgl te
truly behind us."
The firm has no great ambition to be tee
largest in tine UK. he says, , hut wards to -
focus at the top end of the market SGe.wiH- . .
be placing particular emphasis ou. develop- •:
teg the tax and management consulting ^
practice areas.
■ Peter Kingston,
ENTERPRISE OIL’S managing
director (technical), has
resigned from the board in
order to set up his own man¬
agement consultancy.
Kingston, 49, a petroleum
engineer who first made his
mark in Shell UK’s North Sea
development, was a consultant
before joining Enterprise in
1984. He will continue to work
for Enterprise as a consultant,
with particular empharia on
the further development of
Enterprise's business in Italy
and Norway. His board respon¬
sibilities have been reassigned
to fain Watt as tarimiwii direc¬
tor (UK operations) and
Edward Han-k, t»v-hnica? direc¬
tor (international).
■ N BROWN, the Manchester-
based home shopping group
which specialises in saving
niche that few other
companies think about, has
appointed Martyn Pass as
managing director of its Lan¬
gley House subsidiary.
Langley House sells a vital
and wonderful range of prod¬
ucts through advertisements
in national newspapers. Its
diverse products include
ladies’ fashion wigs, cast-iron
garden rocking chain and
ltihriwixp camera damps.
Pass, 42, has worked at N
Brown for the past decade but
gained his marketing know¬
ledge at GUS, tiie mother of
mall order companies. He then
worked at Plumbs Mail Order,
a stretch-cover company,
before joining N Brown.
■The London International
Financial Futures and Options
Exchange (Liffe) has appointed
two new deputy chairman, in
place of Nick Duriacher who
was elected chairman of the
exchange earlier this year.
David Heron and Jack
Wiggiesworth represent the
two different sides of LUfe’a
business, which is split
between equity derivatives
and interest rate products.
Duriacher says there is “merit
in having a balance between -
tiie exchange’s equity and
interest rate businesses’1 -
represented respectively by .
Heron and Wiggles worth.
Heron, & director of James
Capel, was previously on the
board of the London .Ttaded
Options Market, which merged
with Life earlier, this year,
while Jack Wiggiesworth,
business development director
at JP Morgan Futures, has
served on the life board since
1982. ’•
of WAGE GROUP on the
retirement of Scott Ritchie.
■Jeremy Campbell, formerly
director of human resources
at Rothmans International
has been appointed company
tecretary and solicitor of EAST
MIDLANDS ELECTRK3TY
on the retirement of Derek
Wells.
■David Garrick, group finance
director, has been appointed
md of ABI LEISURE GROUP:
he succeeds David Eastwood
who is to become a
non-executive director. Bob
Carmichael is promoted to %
finance director of ABI
.Caravans.
now the senior .representative
of AES UNGUS in Britain. V
■TOny Reid, formerly
president and rad of.
Continental Netherlands (ML ;
Company, has been appointed
director and general manager,
business development, of
CONOCO (UK); he replaces
Ian Grey who has -been \
appointed president of the . ..
Dubai Petroleum Company.
■ Ken Scoble, deputy chairman
and chief exearttve of BRENT
WALKER, is tip takeover as
flhairmim nfTht WilHum HIB
gnhridiiny cm ftp wflimiAnt
of Lord Klatersley.
■ Joe Goasdont has been -.
appointed director, quality and
corporate affairs at ICL; ••
already director, quality, he
takes ou the increased
responsibility from Aodh
ODodiarteigh who has been -
appointed director of group
communications at BASS.
■ Lawrence Post has been -.
appointed company secretary.
■ John Neerhoot (above), who
is on secondment from Bechtel
as project chief executive, has
-beenappototed tothe board
EUROTUNNEL. ' .. . .
■KeqBotanans,'previoasly
global business director of ICT
of the polymer products- V-
diviskmof EVOD&
■David Jackson. general . v-.
nmmigpr ■Mjnsasryicfls, k ■
■John Maples, the former
Conservative minister mid
new chairman of Saatehi ft
Saatctt Government
CumanadcationsWotldwlde,
has added another '
directorship to his portfolio - m
He has gone back on to the
board of SEP Industrial
HoMIngs, the small
USJdquoted engineering
company, where he had heat
a director until he was made .
economic secretary tothe . .. .
Trensmyin July 1990.
The49-year-oM Maples, who
owns 199 per cent of SBFi
equity, rejoins tiie company
«t a toW point in its fortunes. .
When he resigned two yetis '
ago It had just reported
half-yearly profits of £Ubn
and increased Its dividend hy
10 per cent. By contrast. In
the year to September 1991
the company's profits fell - ,
sharply and the dividend was .
dti^althmmh yesterday it
reported a modest recovery
fit half year profits and raised
tis dividend again. SEP has •; ■ ■■
also p*t John Davis, managing
director of Its UK distribution
(Bvisfcm, on the bond.
>>
c
EMENT;
NOT TO ERECT
WALLS
BUT TO BUILD
Walls have been torn down and borders
breached. Li this new era, Turkey has
taken decisive steps to join the world
•• - r' -r---
economy. The privatization of static f '
1 - “ >V -£ ytf'y : ‘ * V ' . ■
... .... .... - •. ’ T'-
owned .enterprises is proceeding . |apiji^rf
S; IV-
A BETTER WORLD
In this context, 11 cement companies
have been offered for block sale. Together with
the world Turkey is investing in the 21st century.
*?-
For more infcnmtion please contact die Chairman’s Office.
Tel: (90-4) 425 06 16 Fax: (9(H) 425 59 74
A
R 0 I
REPUBLIC -OF TURKE Y-
PRIME MINISTRY
PUBLIC PARTIQPAnON
ADMINISTRATION
4:
\
!*■
-■
=nrs
- "'4
'-TC
FINANCIAL TIMES WEDNESDAY JULY « 1992
BUSINESS AND THE ENVIRONMENT
SARRIO presents the Nature Giant
Book in Expo'92
Seao?t ineir pmn rn.ni-ri.-H> reader; p$er
SaRRIQ
EUROPEAN LEADER IN CARDBOARD
grupo
saepa
Whose Business Schedule are you Working Tor
“We apologise for a further del iv in the
departure of flight 104T Sound familiar’ Well you'd
better get used to it.
Research shows that Over the nevr ren vean the
number of passengers using commercial airlines is
es peered to double. Expect overcrowding and
delays to do the same.
Expect to spend mure time crawling along
the motorway and even lunger check-in rimes.
Ear many companies the solution to this long¬
standing problem has been the corporate jet
With it you can avoid traffic congestion and
indigestion by taking off and landing at an uirpon
of your choice. A corporate jet puts you in control
of your business schedule and rite environment in
which you work.
\:.'T ”7 In order to evaluate the business advantages of
j operaring a corporate jet we've compiled 'flic
BAe Guide to Corporate Travel.
Fur your copy, simply fax or send us your husincus
cjrd. A few minutes CORPORATE JETS J -K
now could save you hours in the long run. tv-
Coi|uintc Jet< l.iniled (HTt'3l Cornel Way. Hatfield M.IU VTI.. England IKK! 2S3KC.
White investment has lo$g
been used to wieU cfout
in' the human rights
arena, City of London investors are
at last beginning to flex their mus-
des on environmental issues..-
London ■ fund managers last
month received their second formal
briefing from environmental groups
aid say they want to hear moro
" The first came in April, when a
pressure group based in Cornwall,
called Surfers Against Sewage, pres-
rated Its case against some of the
sewage disposal methods used by
South West -Water, a listed com¬
pany. Then test month Greenpeace
argued against the business of inci¬
nerating toxic waste. . ■
The meetings were organised by ..
Roger Hardman, the environment
analyst at stockbrokers James
CapeL "It is a very forward thinking
move on the part of James Capet,”
says Steve Warshal, editor of Green¬
peace Business.
Hardman, impressed with the
turnout, wants to wganlse more
meetings. "These late afternoon
briefings are usually used by many
fund managers as an excuse to
catch an early , train home. They’re
usually out the door by five. But at
the Greenpeace meeting, the last
person did not leave until 6.45pm." -
Environmentalists have acknowl¬
edged. but seldom exploited, the
power of the investment community
to create, change in industry’s emt.
ronmental performance. But the
success of green investment foods
- where fond managers screen
their investment decisions accord?
tag to environmental criteria - tats
shown that pressure can be exerted
on industry via the investor. . ■-
Given that some of the mystery
surrounding the investment ram:
munity is being ’Hfiwt awl pub¬
lic is beginning to know more about '
the way investment works, it is pos- ,
stale that environmental pressure.
groups could target specific
well-known companies, such as
insurers.
These household names could be
put under pressure - by the threat
of consumer resistance — to include
environmental criteria when bind¬
ing their investment portfolios.
Furthermore, tbe City is slowly
becoming aware of the . possible
impact of tough new environmental
tews, many led by the EC, which
could affect profits of dirty compa¬
nies. There & also a tear, that com¬
panies, and possibly their lenders
and insurers, will be made liable for
the raft of cleaning up pollution. -
A Meanwhile, both the pressure
groups and the fond managers are
;teartar®:Uto talk to each other. ul
:.dra*t tidnE .Grerapeace could have
presented 3heir ; case .any better
with^ lfiluti^ their message,”
says Hardman. :-
Warshal of Greenpeace says be
vrassurprised alike awfienoe’s lack
of knowledge and understanding of
ipciiiethtore: ;-"But 'they seemed
Quite , receptive to our argument
foat toxic waste incineration is an
-- todustry tbat wUl hot grew.”
.: - Marion Garter, an environmental
.consultant tombstof the UK’s
waste managers, says there is a rote
for presstwe- groups in pushing for-
cfiahge in tadustiy. "But 1 think it
is very dangerous to say to fond
mangers that they should not invest
ihf& waste management industry,
.because -yon would then have a
- problbm of what to do with the
John Griffiths finds Mazda pushing ahead with an emissions-free fuel
: Kate Jffodd, a fond manager , at
Henderson Administration, was
impressed by the quality of tbe
Greenpeace presentation. "They
: have a legitimate paint of view and
they, can; bwiit up.”
.Edward Bonham-Carter, fond
inahagetbf the Electra Investment
Trust, is less impressed. "Tim whole
time of the Greenpeace presentation
_wra too much like a. biology class
for 16-year-olds. They would do
mnchbrtter if they gave a for more
detailed analysis of practices and
companies."
He says issues about the quality
of h& are set to increase in impar-
■ trace over the next 10 years, which
wilt have an effect on .investments.
He would, like a debate between
industry and pressure groups on
issues such as incineration. _ •
"But I win certainly go to another
One of there meetings,” he says.
~ Mark Campanale, a researcher for
theMerlin Ecology Fund, says most
.Ply analysts have ho experience of
Hie environment “The C3£y1s virtu¬
ally illiterate when considering
environmental concerns. It’s just
not- part- of- the traditional invest¬
ment equation. "
.: “James Capel should be
applauded for getting pecgtle think¬
ing about wider, issues. But if
Greenpeace is going to succeed in
getting its message across,. it should
switeh oc to the fact that it is com¬
panies that both create and solve
problems. ’niqy've got to present
their case oninwclflc^cmnpanies
and ingreatdetaH.”
Mazda, Japan’s -fourth
largest car maker, is
shortly to seek Japa- -
nese government
approval tor an on- high way test
programme for hydrogen -powered
cars, whose exhaust "fumes" con¬
sist of non-polluting steam.
The company has concluded that
hytangenixwmed cars are techni¬
cally achievable more quickly than'
is commonly believed within the
industry.
Over tbe coming months, it plans
to start negotiations with Califor¬
nian state authorities on making
hydrogen cars acceptable under the
strict new exhaust emissions legis¬
lation that California Is phasing In
from 1997 onwards, and to explore
possible systems for refuelling
thnfi, ,...= ■••.■
Part of the Californian legislation.
which is befog considered for adop-
tion by ap to a dozen other states,
requires 2 per cent oC manufactur¬
ers’ sales to be of "zero emission
vehicles" from 1998, firing to 10 per
cent by tbe early 21st century.
Virtually the entire motor indus¬
try has accepted , the fort that the
legislation's time scale can only be
met with battery-powered cars.
But while Mazda has already
developed its own battery cars to
meet the legislation, Michinori
Yamanouchi, senior managing
director of Mazda Motor Corpora¬
tion, says that electric vehicles in
general will be far too expensive
and limited in their perfonnmee to
have anything but a restricted
fbtare as urban runabouts or light
commercial .vehicles.
According to Mazda, the Wankel
rotary petrol engine - which it,
alone among car makers, now pro¬
duces - can be adapted more easily
than conventional petrol engines to
run on hydrogen. Gars fitted with it
could reach the marketplace for a
price about 20 per cent higher than
a petrol-powered equivalent - Tn
other words for about the cost of air
conditioning and audio equipment”,
says Yamanouchi.
In contras^ he says, “we estimate
that even if electric vehicle technol¬
ogy really advanced, their price
would be twice that of a gasolene
car at minimum. And that price
ratio would be the same even if a
manufacturer were to be making
10,000 units & month”.
Mazda is by no means alone in
researching hydrogen-fuelled cars.
Mercedes and BMW of Germany are
among those which have produced
prototypes.
However, difficulties with com¬
bustion in adapted, conventional
reciprocating engines and on-board
fori storage, and scepticism about
tile ease with which a hydrogen
manufortuiing and refuelling Infra¬
Hydrogen car
moves on to
the horizon
Mazda’s HR-X prototype: the company believes the vehicle is far
nearer to realisation than do many in the industry
structure could be set up have ted
most manufacturers to suggest that
viable hydrogen cars are still years
off:
According to Mr Yamanouchi, the
design of the rotary engine elimi¬
nates the premature combustion
problems normally associated with
□stag hydrogen as a fori in conven¬
tional engines
Mazda has aisn launched a collab¬
orative project with Nippon Steel
Corporation, Japan’s largest steel
maker, to set up a pipeline fuelling
supply system for the test pro¬
gramme, using as the feedstock
hydrogen from one of Nippon
Steel's manufacturing plants, where
hydrogen is a major but mostly
Wasted by-product
Yamanouchi expects the steel
industry to be a fixture producer
and marketer of hydrogen in its
own right.
Chemical plants, which generate
hydrogen as a by-product, could be
also harnessed to localised supply
networks. In Japan there will be a
network of hydrogen fuelling sta¬
tions by the early 2lst century, he
predicts.
Mazda's vision of a fuelling infra¬
structure for hydrogen is based on
it being in gaseous form. BMW. in
contrast, has based its prototype on
the use of hydrogen in liquid form,
requiring insulation of both fuelling
system and the vehicle's fuel tank
to allow temperatures dose to abso¬
lute zero.
“If the determination is there, we
can set up hydrogen pumps and
pipelines fairly easily in terms of
technology and finance," Yamanou¬
chi says.
He is also relatively dis¬
missive of concerns
about the safety aspects
of hydrogen, should it
leak into a boot interior, for exam¬
ple. It is undetectable by sight or
smell but Yamanourhi insists that,
being lighter than air, it would dis¬
perse quickly - and it possesses a
combustion point higher than gaso¬
lene.
Mazda regards the biggest prob¬
lem as how to store the hydrogen in
sufficient volumes in the vehicle, its
solution, adopted also for the proto¬
type Mercedes fleet, is a fuel tank
filled with a metallic hydride capa¬
ble of soaking up large quantities of
gaseous hydrogen and re-releasing
it when heated.
Fitting enough hydrogen into the
Link is still a problem, however, as
it is a much less dense fuel than
gasolene. Nevertheless, one proto¬
type has achieved continuous run¬
ning for 200km at maximum speeds
of lSOkpfr-
Yamanouchi's predicts that in 30
years' time petrol or diesel-powered
cars will account for just 10 per cent
of the world's total car output, hav¬
ing been supplanted mainly by
hydrogen cars but also by a much
smaller proportion of battery pow¬
ered urban vehicles.
As for California's forthcoming
legislation, Mazda believes that the
problems of limited range and per¬
formance of battery-powered care,
and even their refuelling infrastruc¬
ture, will become much more appar¬
ent as its enactment draws nearer.
It believes that California's Air
Resources Board and other legisla¬
tive bodies involved will face a sea
of difficulties in persuading Califor¬
nian motorists to buy and use them.
“Already, i have heard that the
ARB is feeling itself as Hamlet in
Shakespeare," says Yamanouchi
Mazda therefore expects the Cali¬
fornian authorities to welcome the
proposals for a hydrogen alterna¬
tive.
It is considering talking to other
manufacturers that have an Interest
in the technology for a cooperative
approach to introducing hydrogen
cars to California.
Among those most likely to be
interested is Mercedes, which last
year updated its thinking on hydro¬
gen vehicles in the form of the F-100
concept shown as Mercedes' “car of
the future" at the Detroit motor
show.
Even Mazda, however, acknowl¬
edges that production of hydrogen
- on the huge scale required to
provide significant substitution for
petroleum - is a large technical
challenge.
Hydrogen may be the most abun¬
dant element in the universe, and
the ninth most abundant on earth,
but malting it from water - the
most sensible route on a large scale
- involves electrolysis, using a
direct external energy source.
Clearly, if the energy to provide this
came from fossil fuels, the whole
exercise could be selfdef eating from
both the emissions and energy con¬
servation points of view.
For large parts of the transport¬
using world - not least sunny Cal¬
ifornia - solar energy could prove
the answer. One group highly active
in the field. Texas Instruments,
claims already to be generating
solar electricity at close to the
domestic tariff rate of Southern Cal¬
ifornia Edison, the electric utility.
Danes see
dawning
of era for
biorefining
A biorefinery, designed to use
agricultural crops for such
non-food purposes as mak¬
ing paints, glues, plastics and other
products normally based on mineral
oil has begun work in Denmark.
Financed by the EC's Eclair pro¬
gramme, the project - known as
the Whole Crop Biorefinery Project
- Involves companies and research
institutes from the UK. Ireland. Ger¬
many. Greece and Denmark. The
hope is that biorefining will reduce
environmental damage and agricul¬
tural surplus, while creating jobs.
By techniques like those of oil
refining, crops can be broken down
into fibres, oils, proteins and starch.
The Taw materials" derived from
purified crops can replace oil in
producing paints, plastics, glues,
packaging, fibre-board and chemical
and pharmaceutical products.
Scientists claim that this would
reduce environmental damage.
Manufacturing products based on
crop constituents would not
increase CO-. sulphur and heavy
metal levels in the atmosphere as
much as the production of crude-oil
based goods, the}' say.
Administrative project coordina¬
tor Christian Kjoller said the con¬
cept of using agricultural crops for
□on -food purposes had attracted
increased interest during the past
decade, but few products had been
put to commercial use: “The EC's
grain surplus is an expensive bur¬
den. It stands to reason that we
must study the possibilities of using
agricultural products for other pur¬
poses. By means of biorefining,
imported raw materials can be
replaced by domestically produced
ones and can positively influence
the European balance of payments
as well as employment.”
The Ecu9.7m (£6.8mi project is
financed by the Eclair research pro¬
gramme, the Danish government
and partners from England. Ireland.
Germany, Greece and Denmark.
Headed by the Bioraf Denmark
Foundation, the pilot plant in Aak-
irkeby, Bornholm will run for three
and a half years with the aim of
establishing others.
Kjoller stressed tbat expertise had
been sought from five European
countries and that the project
would otherwise have been impossi¬
ble in Denmark.
Sarah Pilkington
v
V
to
FINANCIAL TIMES WEDNESDAY JULY 8 1992 :
MANAGEMENT
of convenience
AT THE CROSSROADS
PART THREE:
Charles Leadbeater
looks at the group’s joint ventures
Six days into the new year
of 1989. the relaxed calm
of a Friday afternoon at
General Electric Compa¬
ny's headquarters was
shattered by bad tidings from the
City.
A plot was afoot to assemble an
international consortium called
Metsun; its purpose to dismember
GEC, the company which Lord
Weinstock had spent almost 30
years building up.
This was his most perilous time
at the helm of GEC. The company’s
future hung in the balance and he
knew* that if the Metsun bid suc¬
ceeded, GEC's dismembered parts
would be carried off by a hungry
pack of international competitors.
He also knew that to see off the
threat GEC needed to take some
fateful decisions itself. In three
months of hectic negotiations that
winter GEC formed three vital joint
ventures. The alliances were not
solely a response to the threat of
takeover but the combined effect
was that GEC conceded shared sov¬
ereignty over large parts of its busi¬
ness.
These alliances now generate
about a third of GEC's £9.4bn turn¬
over and 43 per cent of its operating
profits. If they were to unravel GEC
could be cut off from Its paths to
international growth.
The roots of the drama lay in 1986
when GEC made its initial bid for
its close rival Plessey. GEC wanted
to combine their businesses, mak¬
ing telecommunications equipment
and defence electronics. The aim
was to rationalise the British elec¬
tronics industry in the way it had
the electrical industry more than 20
years before.
The Monopolies and Mergers
Commission rejected GEC's bid
because it feared competition in
defence markets would be eroded.
But GEC remained under pressure
to expand by acquisition. The City
was breathing down Lord Wein-
stock’s neck, keen he should spend
the £lbn cash mountain the group
had accumulated.
Lord Weinstock ’s way around
monopolies obstacle was to bring in
Siemens. The German company
would help to provide GEC and
Plessey’s telecommunications busi¬
nesses with the scale they desper¬
ately needed. Siemens would buy
some of Plessey’s defence activities
to alleviate the Ministry of
Defence's concern over GEC's grow¬
ing monopoly in defence electron¬
ics.
This revived interest in Plessey.
however, rebounded upon GEC. Its
record was subjected to unrelenting
public scrutiny and Plessey came
out fighting.
It became a prime mover in Met¬
sun. The consortium was orches¬
trated by Lazards, the merchant
bank, fronted by Sir John Cuckney,
then chairman of Westland, and
backed by Barclays Bank. And even
more menacingly this grouping
tried to entice General Electric and
AT&T of the US to join a bid.
The threat was great But before
Metsun could take shape Lord
Weinstock announced his second
major European joint-venture, a
wide-ranging deal with Alsthom of
France to create an engineering
business with turnover of about
£5bn.
The deal was finalised at Lord
Weinstock's country house in Wiltr
shire. A few days later, when the
venture was announced, Metsun
broke cover. Lord Weinstock knew
he must then move swiftly to head
off the threat of a bid. It took him
just a week to break up the consor¬
tium.
He started secret talks with Mr
Jack Welch, General Electric's
chairman, and lured the US group
away from Metsun.
He and Mr Welch agreed a Joint-
venture in consumer appliances,
while GEC promised to pull out of
the European medical electronics
market to give GE a dearer run.
The US group was also bra Light into
the alliance with Alsthom, supply¬
ing gas turbine technology.
That agreement sounded the
death knell for Metsun, and four
months later the monopolies com¬
mission cleared the joint bid for
Plessey.
Now the ring of joint ventures
makes it extremely unlikely that
GEC will ever be broken up: most of
the companies which once might
have launched a bid are signed up
as the group's allies.
GEC executives discount the risk
that the partners - Siemens, Als¬
thom and GE - might club
together to carve up their partner.
“They dislike one another more
than they dislike us,” says one.
But how much might GEC even¬
tually have to pay for the construc¬
tion of this Maginot line of joint
ventures? Has the group warded off
a break up bid only to risk allowing
the company to dissolve gently as it
loses control to partners who have
stronger management, international
market positions or technology?
These ventures have opened up
avenues for GEC to expand interna¬
tionally, particularly into continen¬
tal Europe where it was weak and
where opportunities for large acqui¬
sitions were virtually non-existent.
However, they could also be a dis¬
guise for its lack of international
scale and competitiveness in indus¬
tries such as telecommunications.
Indeed, has GEC been forced to look
for partners because it lacks the
resources to succeed internationally
on its own?
The three ventures are quite dif¬
ferent in their aims, the way they
work and what they could mean for
GEC's future:
• Mr Bruce Enders' bright red
Lotus Elan sports car sticks out like
a sore thumb in the drab corporate
car park at the Hotpoint refrigera¬
tor factory in Peterborough. The
American managing director of
GEC's consumer appliances partner¬
ship with GE explains: "I decided to
get a British sports car because I
did not want to stir up any union
trouble."
He is shaking up Hotpoint and
Creda, GEC's consumer goods com¬
panies which make refrigerators,
cookers and washing machines.
Surprisingly little was done to
rationalise Hotpoint and Creda's
overlapping activities when they
were solely-owned by GEC. Obvious
opportunities to cut costs were not
taken.
Now change has been forced upon
Hotpoint by the UK recession and
the alliance with GE is also driving
reform.
Mr Enders. who used to work for
GE in the US. has brought in total
quality programmes. The legions of
suppliers are being pruned and
products are being redesigned to
make them cheaper to manufacture.
At least two of the group's five fac¬
tories will be closed this year.
For GEC the partnership has
brought access to the US group's
research on new products. For GE
the UK has become a further outlet
for US-made components.
Hotpoinfs future is dear it fits
neatly into GE's worldwide strategy
for consumer appliances. This is the
latest in a string of consumer appli¬
ance joint-ventures which GE has
formed around the hub of its large
US businesses. As yet there are
very few GE components in a Hot¬
point washing machine or refrigera¬
tor. But the number will grow and
Hotpoint will gradually become
more entwined with its US partner.
GE sees no need to buy the com¬
pany to secure that relationship.
The alliance serves its purpose for
both companies. Their ambitions
are strictly limited to consumer
products. Initial plans that it should
be the starting point for a much
larger European business have been
quietly shelved.
• GEC-AIsthom is a different ket¬
tle of fish altogether. It is by far the
most impressive venture, based
upon the best Britain and France
can offer in making heavy equip¬
ment such as generators and tur¬
bines for power stations, locomo¬
tives and railing stock for railways.
The venture was not a response
to the threat of takeover. World
demand for power stations fell pre¬
cipitously In the 1980s. That created
huge overcapacity, which forced all
producers to cut costs. In 1988 Asea
of Sweden and Brown Boveri of
Switzerland led the way by merging
to create an integrated pan-Euro¬
pean business. GEC and Alsthom
realised they had to respond or the
ABB giant might stride ahead.
This was compounded by prob¬
lems GEC and Alsthom had in their
own countries.
In the UK electricity privatisation
created demand for power stations
driven by gas turbines. GEC does
not make gas turbines for power
stations.
As Mr Mike Barrett, now in
charge of GEC-Alsthom's steam tur¬
bine division puts It “We had to
find a partner who could make gas
turbines to get a share of the mar¬
ket We could have been in desper¬
ate straits otherwise.”
GE of the US which has the best
gas turbine technology, has made it
available to Alsthom through an
intimate relationship forged over
two decades. Alsthom’s access to
GE's technology made it a natural
partner for GEC.
Alsthom, the engineering arm of
Alcatel- Als thorn, was already con¬
ducting its own search for a partner
because the French nuclear pro¬
gramme, which had sustained it for
years, was in decline.
It got close to a deal with Sie¬
mens, but pulled out because the
Germans wanted control. The
French then found there was a very
good fit with GEC, the only serious
overlap being in manufacturing
capacity for steam turbines, and the
DRIVING FORCE;
Turbine manufacture at Rugby. Managers on both sides of the channel have found a
new sense of dynamism through the GEC-Alsthom joint venture
deal was done.
The venture got off to a rocky
start- A clutch of UK orders for
coal-fired power stations, which had
filled GEC's order book, were sud¬
denly cancelled. The first gas tur¬
bine orders in the UK went to com¬
petitors such as Siemens. But
GEC-Alsthom has overcome these
teething problems.
Its order book has grown to
Ecol45bn (£l0bn), compared with
EculObn (£7bn) three years ago. It is
the leading UK supplier of power
station gas turbines and has just
won an important order in Holland
to build one of the largest com¬
bined-cycle gas turbine station in
the world.
The venture’s pretax profits have
risen from Ecu346m in 1989-90 to
about Ecu440m this year as its
profit margins have widened from
4.4 per cent to 5.3 per cent
Managers on both sides of the
channel are fired by a sense of
dynamism. Red brick factories in
France and Britain which have
made power equipment since the
19th century are being modernised.
According to Mr Kelvin Bray,
chief executive of European Gas
Turbines, the venture's gas turbine
arm. who has worked for GEC for
almost 30 years: “It has given us
momentum, size and reputation."
From GEC-Alsthom's' large
plant in the fortress town
of Belfort in northern
France, Mr Claude Des-
croix, the genial plant
manager, a veteran of the Concorde
project, offers another explanation:
“We need a counterweight against
German influence In Europe, politi¬
cally and industrially. That is why
this must work."
British and French managers mix
in a relaxed fashion. French engi¬
neers are more theoretical than the
British, who tend to be more prag¬
matic In finding solutions to prob¬
lems. The British tolerate the
French managers' love of long-term
strategic thinking, while the French
tolerate British commercialism.
GEC's financial controls were intro¬
duced six months after the merger.
Alsthom’s managers used to make
general financial reports once every
six months. Now they make much
more detailed reports once a month.
This financial rigour has already
started to bear fruit. Mr Pierre Bil-
ger, GEC-Alsthom's chief executive,
says: “Lord Weinstock has shown
us howto use a financial system to
understand a business. In France
we have frequently felt it was nega¬
tive and destructive to reduce the
business to figures. Lord Weinstock
has shown us how to put flesh on.
the figures."
The British managers have a
spring in their step. Mr Jim Cronin,
GEC-Alsthom's finance director
says they have been quick to pledge
their loyalty to the venture: “GEC
had no corporate identity abroad.
They have that for the first time
with GEC- Alsthom."
There are, however, two potential
sources of tension in this dose rela¬
tionship.
The first is the strength of French
management Some at GEC believe
the French axe quietly taking over
by stealth. Most of the top jobs are
filled by French executives. The
most plausible explanation for this
is the sheer quality of French man¬
agement and their greater facility
with language - Mr Bilger learnt
Rngtish in six months, most English
managers are still struggling with
the basics of French.
The second factor is the two com¬
panies' different characters which
stem from serving very different
customers. Alsthom was fed by
France's commitment to nuclear
power. GEC invested heavily In
nuclear power for little return
before electricity privatisation,
threw the UK nudear programme
Into disarray. Alsthom’s strength in
railway locomotives reflects the
French government's 20-year-old
commitment to the TGV high-speed
train. The French are bemused by
the British government's equivoca¬
tion over investment in rafl.
Last month GEC-Alsthom won
orders worth £509m from European
railway companies for 27 high-speed
trains, beating off competition from
Siemens. In contrast British Rail
this spring placed a £l40m order for
commuter trains with Brel an affili¬
ate of ABB, casting a dark shadow
over the future of GEC's train mak¬
ing operations.
The strength of Alsthom's base
may tip the balance of power to the
French. But it seems unlikely that
the merger will break up or
unraveL Lord Weinstock describes
it as rock solid. And Mr Bilger says:
“This merger is dictated by com¬
mon interests. The factors which
brought us together are not going to
disappear."
GEC-Alsthom is the extension to
continental Europe of GEC’s main
achievement in the UK, the ration¬
alisation of traditional heavy engi¬
neering. GEC is confident on this
familiar terrain.
• The same cannot be said of the
other major joint- venture, the alli¬
ance with Siemens.
The troubled history of Britain's
telecommunications industry cartel
still haunts this venture: GPT,
which is 40 per cent owned by Sie¬
mens and 60 pa- cent by GEG.
When Mr Karl Heinz Kaske, Sie¬
mens’ chairman, and Lord Wein¬
stock planned the Plessey takeover
they envisaged it would be the foun¬
dation for an alliance eo compassing
telecommunications, defence elec¬
tronics and research activities.
Those plans came to nought
because of the US Department of
Defense's objections to Siemens'
ownership of US defence companies.
This forced the two partners to
redraw their plans for defence elec¬
tronics.
And once the Plessey bid sue-:
ceeded it did not take long for the
two companies to find they had
very different approaches to busi¬
ness. Most of Siemens’ research is
centralised. At GEC it is decentral¬
ised. Siemens has a hierarchical
management structure. GEC is
highly informal
Mr Tony Cobbe, managing direc¬
tor of GPT’s telecommunication
systems division, has no doubts
about the importance of the part¬
nership with Siemens.- He says:
“Without it we could not afford to
be involved in the next generation
of big digital telecommunications
switches. With this partnership we
should be in the top five in the
world.”
At the GPT factory, on the out¬
skirts of Liverpool, Mr Peter Ger-
shon, the squat, energetic managing
director brought in from the com¬
puter industry about two years ago,
is unsparing in his account of the
problems faced.
-GPT!s traditional business, sqprt .• .nology pulls in the orders and
link to Siemens- The German com¬
pany has not pot all its telecommu¬
nications resources Into GPT, which
means GPT’s interests do not
always coincide with Siemens’. The
short-term nature of GEC's - finan¬
cial controls makes ft . difficult -for
GEC to think about the future in
the way th at Siemens does.” .
Them are three main sources of.
tension. . ■
• The relationship is technologi¬
cally unequal GPT’s technological -
dependence upon Siemens' strength
in semi-conductors is -reflected in
Vision One. Not. only is Siemens
leading more projects than GPT, it
is leading the big projects on pdbSc
switches and- mobile telephones.
GPT is fitting into Siemens’ plans
as a specialist subcontractor.
• The shareholding structure is.
unequal This is oat really a joint
venture. Siemens has;- bought a
minority stake m GEC’S telecommu¬
nications business, but ft has kept
its own telecommunications busi¬
ness, which is Siemens’ largest sin-'
gle division .with a. turnover of.
DM 11.26bu, completely separate: "
%■ The two parent companies' man- -
agement approaches are very differ¬
ent. Mr Walsh remarked: “We have
to be more organised to work with
Siemens, play to agreed rules. They
do not like doing things by the seat
of their pants.-they are much more -.
fppw-aVflnri a hit iTwiilai-'**
It seems unlikely that GPT will
break up, if only because financial:,
pressures will encourage -GEC and
Siemens to stay together. '-.
It is almost certain that eventu¬
ally Siemens will want to translate
its technical predominance into
management control by buying
GEC’s- stake. But that is not on the
cards at the moment
Lord Weinstock explains: “There
is no reason to think about selling
to Siemens at the moment because
we do not need the money. We have
got Cash building up again and we
have just gone through tortuous
negotiations to settle the business
down."
Siemens has some much bigger ..
problems of its own to sort out V
the losses at Siemens-Nixdorf, the
computer maker, the financial drain
. of its semi-conductor business -and-
its ailing nuclear power activities..
For the foreseeable future the two
partners will rub along together,
trapped in. a rather loveless mar¬
riage.
- As a senior Stanhope Gate execu¬
tive describes it: “With the French
there is a frfenrflinpss, there may be
arguments but there is a lot of bon¬
homie. Siemens has to have big
meetings and they have to do thing*
very laboriously."
But for GEC the success or failure
of these ventures needs to be judged r
against the purposes they serve.
Financially they make sound
sense. GEC-Alsthom should gener¬
ate good profits, as Alsthom's tech-
plying System- X, the main digital
switch used by British Telecommu¬
nications. is In decline and that
threatens to open a gaping hole in
the company’s finances, unless it
can generate additional income
from new products such as video
conferencing and mobile tele¬
phones. Success in these markets
mil require a revolution in manu¬
facturing and marketing approach.
r Gershon is lead¬
ing a ruthless dear
out of the compa¬
ny’s old manage¬
ment and ideas.
Only one member of the GPT hoard
is left from 18 months ago. The ’
workforce has been cut by about 20
per cent to 16,000 and the iotroduc- *
tion of some tighter financial disci¬
plines this year has turned GPT
into one of theTmain sources of the1
£350m .growth in GEC’s cash ,
reserves to £876m. But the aim is
not just to cut costs; it is also to
push. GPT in a new direction.
This change is bring forced upon .
it as the UK telecomTniiniratinfflfi
market is opened up to competition.
Thus a financial fence has been
erected around GET’S traditional
business of supplying BT, to pre¬
vent it consuming the resources,
technology and management which
GPTs new businesses need to gen¬
erate growth. Before, all the busi¬
nesses used to carry some of' the.
burden of the -large overheads for J.
the System X work. As a result
many of the smaller businesses
could not make the kind of returns
needed to survive. Now they only
have to cover their own overheads
and this has reduced the financial
burden upon them.
The. new businesses come in two
varieties. First, a range of neerprodr
ucts, such as sophisticated public'
pay phone systems, video conferenc¬
ing and mobile telephones being
developed. Second; the. company is
trying to turn itself -into a telecom¬
munications- software house.'
.' Computer software is becoming'
increasingly important in telephone
systems, to integrate switches,
exchanges and handsets. -. QPT
wants to provide the software for
Siemens’ hardware. Mr . Steve Har-
GECs financial controls drive down
costs. Similarly, savings at GPT
contributed to GECs cash gains last
Fear-
Also, by demerging the group
through .joint-ventures, GEC's
sprawling activities, have become
more manageable'. This is reflected
- in the impetus the ventures have
delivered to. GEC managers.
. Long-standing weaknesses which
were not adequately addressed
when these businesses were run by
GEC are now being addressed: GE
Is helping to rationalise consumer
appliances; a revolution is under
way at GPT; and at GEC-AJsthom
.the British managers are revelling
in a new found sense of identity and
purpose.
The vital telecommunications and
engineering ventures are the route
; GEC needs to take if businesses ori¬
ented to. Britain and the Common¬
wealth are to gain a European base.
In the past three years GEC’s; prof¬
its from continental Europe have
risen by 42 per cent to £199m, offset¬
ting a sharp decline. In the UK.
The GEC-Alrihom merger has ere- .
ated_. a business which -should
become -one of the best companies
m- Europe. It is in excellent shape to
-take .on the likes of Siemens' or
ABB; and GEC has found a Euro¬
pean home for much of the UK’s
heavy, engineering inheritance
which fa tie: envy <rf many of its
competitor. • " : . _ :
.-’ The-alliance with- Siemens' does
hot .have the" 'same momentum.
. GEC’s achievements, in' forming the
venture with Siemens - look feeble.
- compared .to the giant strides
Alcatel of France -made by buying.
TIT’S European business — a move
. that-made it one of the largest tele1
-communications groups in the
world. However the venture has
given GPT much' needed breathing
. Each of the ventures has a good
rationale. But what, of their conse¬
quences? GEC’s' consumer appli¬
ances business is being remodelled
by a manager from GE who will
■take it ever closer to its US partner.
French , managers dominate the
senior- ranks of GEC-Alsthom. And
Siemens’- technology meansTt will
dominate" .and -probably eventually
botir’-?.PT>s marketing director _ control the . telecommunications
says: . are ahead- of Siemens in venture. - -. ’ . ~-
this area briause the liberalisation ' '. GEC::is-. fricreaslngly at one
“ 2” L tefecOmmun i nations remove from the management of
market has -forced us,-to gamine - the assets' which generate a rising
'* share of Its profits. The- joint: ven-
tnres are unlikely to lead to GEC
being broken up' by stealth. But it
may become -a semi-detached indus¬
trial group-./Y y .
FAST TRAIN:
Lord Weinstock with a mock-up of the Trans Blanche Super Train
which will be manufactured fay GEC- Alsthom.
what customers want.
Back at head office,, senior GEC
executives believe the relationship,
with Siemens is stable. lengthy -
negotiations over -Vision One, the
$2tm joint research ■ programme to -
develop the next generation of large
switches and mobile telephones :
have settled- the most difficult ques¬
tion: how much each company i
• would put into research. 1 : . . _ _
However, many within .GEC bar- ■
hour doubts about the alliance*”- £/•:.
prospects. A senior GEC non-execu-" := T/tt6,^WeB^t0ekr Y
bve director highlights several .c: s.
areas of potential weakness
capatity to stay wiffr.fhe game
not that convincing even with ihe
■i?L.
iMM
4
FfNANCTAJL TIMES; WEDNESDAY JUU\T 8 1992
ARTS
To London music-lovers Cheryl
Studer is known as the face
that launches a thousand
record covers. The few live
appearances she has made here
have told os relatively little
about her. hi Wagner's Lohen-
grin or as the gleaming top
soprano-in Mahler's Eighth
Symphony, it has been Studer.
first and foremost as a remark-'
able voice who has left audi¬
ences wanting more.
The recordings have given tis
more - operatic roles many
and various. Those are still
eagerly awaited at Covent Gar¬
den and there seems to be- no-
sign of them as yet. But, as a
substantial makeweight, T5tu-
■ der appeared in recital . at the
Royal Opera House oh, Friday
with Wagner and Strauss domi¬
nant in her programme, on the
face of it a sensible choice.- -
Unfortunately there was dis¬
appointment in store. The
opening Schubert group may
have been largely an opportu¬
nity to warm up, bat it intro¬
duced irritants which were to'
settle in for the evening. The
pitch tended to sag in the mid¬
dle of the voice. The singing
bumped along the consonants.
Nor was there a lot of sponta¬
neity at this stage in her part¬
nership with Irwin Gage, who
was laying bare the inner
workings of Schubert’s piano
parts with cool precision.
To my ears, (his was the
work of a singer who was try-~
ing so hard to do the right
things that any natural sense
of musicality was being pretty
thoroughly smothered: One
sensed Studer needing to break
free from such small scale '
works and to some extent she
succeeded in doing so in Wag¬
ner’s Wesendonk Lieder,
although even there the voice
was asking for ah orchestral
accompaniment if it was to
sound at its best
The second half, in which
she sang Richard Strauss,
remained mixed. Slow songs
continued to stagnate; but
when speed or muscular
strength was" called, for, as in'
“Standchen” or “Zueignung'*,
the Hinging took off with the
help of Gage's exemplary
playing, and Stutter’s potential
as an interpreter of songs
could at last be glimpsed. The
audience response was enthusir
astic. Warm enough, I hope, to
encourage her to return in the
operatic roles we all long to
bear.
- • # . _ .
By chance, Wagner's Wesen¬
donk Lieder turned lip again
three days later, when Anne-
Marie Owens gave a recital at
SL John's, Smith Square. This
was an altogether less prob- '
lematical performance, in
which the music flowed easily.
This mezzo does not pose diffi¬
culties of style for herself and
the general amplitude and
romantic warmth of the songs
were well sustained, even if
there is rather more depth in
them than she finds.
In the past year or two at
this hall, Malcolm Martmeau
has come to judge the acous¬
tics to a nicety and he gave his ;
singer accompaniments with
plenty of atmosphere. A Schu-_
maun group might have shown
a more detailed grasp of the
words; the Debussy songs and
her Spanish selection settled
into a warm-hearted, easy-go¬
ing mood a little too often. All
through, however, one felt
musicianship naturally at
work, singer and song in har¬
mony together.
Richard Fairinan
Liliane Montevecchi and Brent Barrett
< l
Grand Hotel
Tickl Baum's original
% / German novel of 1929
1/ ■’ came to fame in the
-V early 1930s as a Holly¬
wood movie starring among
others Joan Crawford and
Greta Garbo, and was the
vehicle for Garbo's celebrated
line T vant to be alone".
Since then there have been
remakes, including one called
Weekend at the Waldorf with
Ginger Rogers and Walter Pid-
I geon. •
Much more recently the.
musical diversion has been a
widely acclaimed hit on Broad¬
way. The show opened with a
different cast at London’s huge
Dominion Theatre yesterday.
Since a large part of the"
audience plainly appeared to
enjoy It much, more than I did,
I shall be gentle. For every, crit- .
icism I make, there is probably
a perfectly reasonable
response.- .. . . . ...... ■.
The adjective . that most
immediately comes to mind
about Grand Hotel is “heavy".
The hotel is grand in the sense
of big, not splendid, rather as
the Germans tend to have
grand rather than big coali¬
tions.
- Moreover, the difficulty in
trying to portray elegance in a
stage musical is that Holly¬
wood does it so much better.
It might be said that this is
Berlin 1928, so what do you
expect from central Europe at
that period? Well, I would have
liked a few more jokes, a bit
more sharpness and perhaps
. even some satire.
There is very little plot to
speak of. Again ~it might be
claimed that that is precisely
the point. As the doctor/narra¬
tor says of the hotel “guests
come, guests go, new guests
.arrive-” True enough, hut it is
still pretty thin for a story line.
It is also odd to play a musi¬
cal as big as Grand Hotel with¬
out an interval.
To be sure, the show last
only 2% hours, but that is a
long time for one sitting, and
there is certainly room for a
natural break. Possibly the
task of getting the audience
back to their seats in such a
large theatre was thought too
daunting. .
Apart from that, how does
one enjoy the music? The
answer is not a great deaL
Grand Hotel, with songs by
Robert Wright and George For¬
rest, seems to me to lack the
subtlety and sustained sweep
of the best of Sir Andrew Uoyd
Webber, by which I mean in
particular Boita and Phantom,
both of which have stories to
go with them.
There are, however, some
tine performances. Liliane
Montevecchi in the ballerina
part once played by Garbo
takes a while to warm up, but
you can see the attraction of
the role.
In the one scene that is
remotely dramatic, Lynnette
Perry distinguishes herself as
the secretary whose seduction
by her boss threatens to get
out of hand.
Brent Barrett is an
effective, pover¬
ty-stricken b ar on ,
seven months behind
with his hotel bill Many peo¬
ple will admire Barry James as
the Jewish book-keeper who
ends a happy man. though for
my part sentimentality is
never far away from the whole
show. The dancing - foxtrot.
Charleston, ballet and waltz -
is good.
Grand Hotel is directed and
choreographed by the appropri-
ately named Tommy Tune.
Malcolm
Rutherford
Dominion Theatre,
(071) 580 8845
The devotion of the
entire BBC2 schedule
on Sunday evening to
.4 Night With Alan
Bennett - with the pro¬
grammes chosen by him - has
been dismissed by some com¬
mentators as merely another
way of dressing up a bundle of
old repeats. This seems overly
cynical.
In the past 40 years British
television has produced some
superb material and it would
be absurd if there were no rep¬
ertory system enabling us
either to see admired pro¬
grammes again or to catch up
on some we have missed.
Though I had already seen
the 1973 episode of Whatever
Happened To The Likely Lads
and possess a cassette copy of
Mike Leigh's exquisitely
embarrassing drama Abigail's
Par^t, I was glad to watch both
again and modify my feelings
about them.
The comedy is over-rated
and suggests that today's sit¬
coms may not be as interior as
we tend to feel (One Foot In
The Grave on BBCl on the
same evening was Far funnier
than the old Likely Lads epi¬
sode, though to be fair Ben¬
nett's choice was doubtless
limited by what is available in
the archive).
The Leigh drama is probably
the best he has ever done,
though its appeal seems
increasingly clearly to depend
upon sheer snobbery.
Having never seen Melvyn
Bragg’s 1965 Monitor profile of
Sir John Barbirolli or Malcolm
Mowbray's bizarre a%nd capti¬
vating 1981 drama Days At The
Beach, I was delighted to be
given “another chance to see"
both, and cannot understand
why people who bappiiy pay
money to go and watch Casa¬
blanca for the umpteenth time
(yes, yes, of course it is a ter¬
rific movie) claim that they are
being cheated if television
shows any programme more
than once.
As the number of television
channels grows it is sorely
more important than ever that
at least 20 or 30 per cent of
material produced by any self
respecting television service
ought to be worthy of -
indeed demanding - a repeat.
Perhaps the most interesting
aspects of this evening, how¬
ever, were Bennett’s remarks
in introducing his choices. In
contrast to Frank Muir’s flip
pant and almost pointless com¬
ments in the Channel 4 series
TV Heaven, Bennett's were
thoughtful and pointed.
The odd thing is that, seeing
Bennett as such a devotee of
the past, so ready to luxuriate
in nostalgia, I found myself
Television/Christopher Dunkley
Quality in proportion
some forty years on
reacting against his pessimism
about the present standards of
British television, even though
bis remarks mainly chimed
with the recent tone of this col¬
umn.
Rightly enough, Bennett crit¬
icised our recent governments
for doing so much to harm
British television. But when,
like s o many others, be sighs
for the days of “Play For
Today" and the period of Cathy
Come Home and Edna The Ine¬
briate Woman, praising the
regular stretching of the audi¬
ence’s imagination and giving
the impression that there is no
longer anything to compare
with those days, somebody
should remind him of GBH and
Tumbledoum, Oranges Are Not
The Only Fruit, and even his
own Talking Heads.
At least until fairly recently
British television has contin¬
ued to produce a remarkable
proportion of programmes
which, judged against interna¬
tional standards, are outstand¬
ing. But there is that bogy
word again: proportion. How¬
ever many impressive pro¬
grammes one can name from
the past few years to challenge
the supposed supremacy of
sixties television, the rush
down-market which is occur¬
ring right now is difficult to
deny.
What is so worrying for the
future of television is not the
feeling that there is nobody left
with the desire or ability to
make good programmes, but
the feeling that they are being
overtaken by a rapidly growing
avalanche of trivia.
The cheap, shallow, sensa¬
tional and instantly forgettable
is on the increase at the
expense of that which is
thoughtful, difficult, demand¬
ing and inspiring. Most dis¬
heartening is not merely the
increase in formula pro¬
grammes and the decrease in
individual and idiosyncratic
material, which I suspect is a
major part of Bennett's com¬
plaint, but those rapidly chang¬
ing proportions.
Instead of just filling quite a
lot of time, trivia is beginning
to seem universally domi¬
nant. . . except on BBC2. which
Is already starting to look like
the last redoubt of the thinking
viewer.
Take the big television topic
of the week in the tabloid
press: BBCl's Eldorado. As
soap operas go, there is not a
lot wrong with this one. It
neatly folds in some of the glitz
of Dallas with the sort of girls
and boys who swarm in Neigh¬
bours, and raises the sex quo¬
tient a bit: today's episode has
the faded blonde torch singer.
Trish. in bed with her teenage
German toyboy, Dieter. No
doubt there will be protests
about the nine o'clock water¬
shed.
The sun. sea and sand make
a change from a Manchester
terrace or an east London
square; where the existing
soaps are Anglo-dismal this
one is Euro-fun. True it is
tediously anti-man (the
plumber can't plumb, the toy-
boy can't toy, a husband can¬
not even be relied upon to put
a prepared chicken in the
oven) but in today's television
that is more than trendy, it is
de rigueur.
It would be curmudgeonly to
deny viewers the right to bathe
their work-weary minds in
lukewarm soapsuds if that is
what they want, and appar¬
ently millions do. But is it not
a little worrying that BBCl is
using it to fill six half-hour
slots a week (three episodes,
each with a repeat)? Since the
same network is already pro¬
viding 10 doses a week or
Neighbours and three of East-
Enders it is a significant
increase in soap at the expense
of other material on a channel
which seven years ago con¬
tained no soap at ail
Of course soap opera
is not the only sym¬
bol of this rapid and
radical change. On
Saturday, Channel 4 launched
a current aftei rs series tell¬
ingly called The Big Picture
Show, the sort of title hitherto
used for children’s pro¬
grammes or cinema series.
There is nothing wrong with
the intention, which is to deal
with some major topic (this
week crime) by breaking it
down into constituent parts
and having an “expert", or a
journalist willing to act like
one, expatiate upon each bit.
The ominous point is that
instead of trusting the quality
of their journalism, the produc¬
ers have felt it necessary to
“sell" the thing by getting
Clement Freud’s buxom, bub¬
bly daughter Emma to front it
Thus at every opportunity the
camera comes back to her, so
that she can read a bit of auto¬
cue and bounce the key light
off her lipstick. All promotions
for the programme - in list¬
ings magazines, press releases
and so on - feature sultry
photos of La Freud rather than
the subject matter or the
expert journalists.
Yet however questionable
that may be. it looks like din¬
ner at All Souls when com¬
pared to ITV’s new tabloid
series at 7.15 on Sundays. The
Richard And Judy Show. This
employs the husband and wife
team of Richard Madeley and
Judy Finnigan. presenters of
ITV’s daytime magazine pro¬
gramme This Morning. They
sit in a studio and ask of toe-
curlingly embarrassing ques¬
tions.
The tone mixes cosiness, pru¬
rience and funk. Thus Roy
Conies, the man at the centre
of the campaign by people in
Birmingham to put the Aids
frighteners on heterosexuals,
was first handed an all-purpose
Freudian get-out by Madeley,
then encouraged to chat about
condoms by Finnigan. but
never required even to hear
the words “anal intercourse"
from either.
John and Jan Ward, parents
of the young woman who dis¬
appeared in Kenya, presumed
murdered, were interviewed
about the state of their mar¬
riage, and so on.
It is too soon to be sure that
Alan Bennett is right about the
decline of British television
drama, but in television gener¬
ally you can hardly miss the
current leapfrog scramble to
get as ter down market as pos¬
sible.
!
Judy Finnigan and Richard Madeley: cosy prurience
Rock In' London this
summer offers visits
front almost the all
the People’s Favour¬
ites, from Genesis to Michael
Jackson, and there is no more
wholehearted Man of the Peo¬
ple than Springsteen. Wem¬
bley Arena rose as a single
body to hall his appearance.
It is easy to -sniff at Spring¬
steen. dismiss his music as
unsophisticated and its subject
matter as irredeemably small¬
town American.’ Those persis¬
tent topics, that Taking over
the ashes of dead romances,
the importance of family and
home, always suffused with an
aching patriotism and more
than a hint of revivalist reli¬
gions fervour seem so guintes-
sentiaHy American that one
first ail doubts their potency
beyond tis borders, tells to see
the universality behind the
songs.
It's the sincerity that does it.
Pm sore. There is something
heartwarming about him, a
direct honesty In the perfor¬
mance which disarms even the
most persistent cynicism.
. When Springsteen asks if any¬
one out there has ever lost
their faith in love and receives
back a roar of confirmation,
the reflex grab for the sick bag
Bruce Springsteen
is temporarily stayed; some¬
thing hints that the man
means it, that he is offering
himself as a prize example of
how to win through, to take
all that life can throw at you
and come through on the other
side wiser and eventually hap¬
pier.
For several years it seemed
as if the happily ensconced
Springsteen - wife, two chil¬
dren - bad settled for that
connubial bliss and the occa¬
sional unheralded appearance
in other people's low-profile
gigs. But a brace of albums
earlier this year kickstarted a
world tour, complete with new
band and a rebirth of the
Springsteen fervonr. Those
fans who spent the entire
Wembley concert on their feet,
arms ontstr etched, mouthing
every word of every song, and
interspersing them with the
ritual mils of “B-r-o-o-o-c-eP,
most have doubted that their
time would ever come again.
He is still a magnetic per¬
former. The audience, starved
of its hero for so long, was
going to cheer him to the echo
anyway, but the energy he
expended and the intensity he
created were prodigious. There
is only one survivor from the
E-Street Band In the new
line-up and the sound seems
crisper, more tailored than
before; its neat lines and clean
rhythms counterpoint Spring¬
steen’s rasping guitar.
Of course the latest songs do
trawl familiar territory. The
old material has been recycled
and sorted, retaining enough
to satisfy the faithful. Bat it
does not jar against the new,
for they rely still on straight¬
forward harmonic skeletons
and clean-cut structures; the
framework has to be robnst
enough to take the emotional
freight that Springsteen loads
upon it
It misfired very occasion¬
ally. The inevitable “Born in
the USA", second in the run¬
ning order, was dutiful rather
than electric (and surely too
slow), and even that was
immediately countered with
storming versions of “Local
Hero” and “Darkness on the
Edge of Town".
Afterwards he scarcely
missed a trick, nor an opportu¬
nity to deliver a wise homily
to the audience. The ingredi¬
ents in his special brew of
hard rock, soul and gospel,
were constantly refreshed and
mixed anew, and the fans
knew they had seen the
rebirth of their hero.
Andrew Clements
Wembley Arena. Further con¬
certs July 9, 10, 12 and 13
INTERNATIONA^
■ AMSTERDAM
Concertgebouw 20.15 Reinbert
de Leeuw conducts the New
Sinton/etta Amsterdam In works
by Liszt, Wagner and Richard
Strauss, with Thomas Zehetmair
violin soloist in K A Hartmann's
Concerto furtebre. Tomorrow:
Orchestra National de Lille. Fri.
Sat and Sun: Frans BrOggen
conducts Mozart (6 71 8345)
M ATHENS
ATHENS FESTIVAL
At the Odeon of Herodes Atticus
tonight and tomorrow at 21.00, -
the National Greek Opera Ballet
performs Mendelssohn's A
Midsummer Night’s Dream,
choreography by Germinal
Casado. Next week: Pina
Bausch's Tanztheater Wuppertal.
July. 23 and 24: Sankai.Juku,
Japanese Buto Dance Theatre.
July 29-Aug 2: American Ballet
Theatre (322 1459)
EPIDAURUS FESTIVAL
The annual festival of ancient
drama in the 14.000-seat
amphitheatre at Epidaurus has
. performances of plays by
Sophocles. Euripides, Aeschylus
and Aristophanes on most
weekends in July and August
.This week’s performances (Frl
and Sat at 21.00) are of
Sophocles' Eiectra, In a
production, by toe National
Theatre of Northern Greece.
Tickets are available dally at the
Athens Festival box office (322
1459), dr at the theatre of
Epidaurus every Thurs, Fri and
Sat (0753-22006)
■ HAMBURG
Ray Charles and Nancy Wilson
appear In concert tonight at 19.00
at the Freilichtbuhne Stadtpark.
Tomorrow at Delchtorhallen: final
night of Jazzport 92, wfth Sergio
Mendes and Brazil 99. Fri: Ringo
Starr's All Starr Band. Next Wed;
Dire Straits (270 1169). Dally in
Deutsches Schausplelhaus: West
Side Story (248713) _
■LONDON
Covent Garden 19.30 Carlo Rizzi
conducts John Cox's new
production of II viaggio a Reims,
. with a cast led by Montserrat
Caballe. Della Jones. Sylvia
McNair, Ren6e Fleming and John
Aler. Runs till July 17. with next
performance on FrL Tomorrow:
La Fille mai. gardde. Sat ballet
triple bill including Ashton's A
Month in the. Country. The Royal
Ballet season continues until
Aug 8 (071-240 1066)
Coliseum 19.30 Australian Ballet
production of Copp6lia.
Tomorrow till Mon: Giselle. The
season runs fill July 18 (with an
extra matinee' performance on
Saturdays) and includes a mixed
bill of one-act ballets next week.
July 21 - Aug 1: Alvin Alley Dance
Theatre (071-836 3161)
Barbican 19.45 Iona Brown
directs the Academy of St Martin
in the Reids in Mozart's Haffner
Serenade and Beethoven's First
Symphony. Tomorrow: Shell-LSO
music scholarship final. Fri: The
Dubliners. Sat Yehudi Menuhin
' conducts a Beethoven
programme. Sun: Colin Davis
conducts the LSO. Next week:
Carl Flesch International Violin
Competition (071-638 8891)
■.MILAN
The final production of the
season at La Scala is Cristoforo
Colombo, a ballet choreographed
by Alberto Mendez with music
by Donizetti: five performances
starting on Sat
The opera company can be
seen next week at the. Seville
Expo, where it will perform La
traviata under Riccardo Muti
(7200 3744)
■ NEW YORK
MUSIC
Carnegie Hall 20.00 First of four
Tchaikovsky concerts by the New
York Philharmonic Orchestra
conducted by Kurt Masur. The
programme tonight and tomorrow
includes the Violin Concerto
(Midori),. Capriccio Italian and
Fourth Symphony. The remaining
concerts are next Wed and Thurs
(247 7800). Tomorrow at Avery
Fisher Hall: Janos Starker and
Anton Nel join the Cleveland
Quartet for string quintets and
piano quartets by Beethoven,
Mozart and Schubert (875 5030)
Metropolitan Opera 20.00 Kirov
Opera production of
Tchaikovsky's Queen of Spades.
Tomorrow: Boris Godunov (362
6000)
THEATRE
• Best of Forbidden Broadway:
tenth anniversary edition of
Gerard Alessandrini's
long-running, ever-fluctuating
musical revue (Theatre East 21 T
East 80th St 838 9090).
• Dancing at Lughnasa: Irish
National Theatre production of
Brian Friel's story of five
unmarried sisters living in 1930s
rural Ireland (Plymouth, 236 West
4Sth St, 239 6200).
• Guys and Dolls: a revival
of the Frank Loesser musical
(Martin Beck, 302 West 45th St,
239 6200).
• Jake's Women: Alan Alda
in Neil Simon's new play about
an ageing writer trying to come
to terms with the women in his
life, past and present (Neil
Simon, 250 West 52nd St. 307
4100).
• Ticketmaster answers
inquiries and sells tickets for
Broadway shows (307 4100) and
rock/pop concerts (307 7171)
■ PARIS
Opera Bastille 19.30 Swan Lake:
Ballet de I’Opdra de Paris in a
new production of Vladimir
Bourmeister's 1960
choreography. Daily except Sun
till July 25 (4473 1300)
Basllique de Saint-Denis 20.30
Claus Peter Flor conducts the
Orchestra de Paris in
Saint-Sagos' Organ Symphony
and Faur&'s Requiem (4243 7772)
Opera Comique 19.30 Maurizio
Barbacini conducts Michael
Hampe's Cologne production
of two Rossini one-act comic
operas: La cambiale di
matrimonio and )! signor
Bruschino. Also Fri and Sun (4286
8883)
• An exhibition of stage
designs by Pier Luigi Pizzi is
on show at the Op&ra Library
Museum (8 rue Scribe) till Oct
18.
4b A 24-hour recorded telephone
guide to Paris entertainments
is available in English by dialling
4720 8698.
■ PRAGUE
A summer season of concerts
has been organised in the city's
historic buildings and gardens,
with this week's programme built
on the iheme of Mozart in
Prague.
Tonight in Wallenstein Garden:
Banda Classics from Switzerland
plays works by MozarL Dvorak
and Jan Klusak. Tonight in
Monastery of St Agnes: Musici
ett Praga in a programme of
Mozart concertos.
Tomorrow in South Garden
of Prague Castla: Ensemble Ars
Rediviva in works by Mozart and
Czech composers of his time.
Advance booking at the Smetana
Hall (u Prasne brany 2, 232 5858).
• For pra-booking and
information about other events,
contact city centre ticket agencies
(Bohemia, Na Prikope 16, 228738,
or Melantrich, Wenceslas Square
38 in the passage, 228714).
■ VIENNA
OPERA
Every Wed, Fri and Sat at 20.30
over the next six weeks, the
Kammeroper performs its
production of Don Giovanni at
the Imperial Gardens of
Schdnbrunn Palace. The cast
is headed by Danish baritone
Boje Skovhus (512 0100).
CONCERTS
Anatoly Kotcherga gives a recital
of Russian and Ukrainian
romances and folk songs tonight
at 19.00 in OSG-Haus
(Brahmsplatz 8, tel 505 6794).
Philippe Bender conducts the
Orchestra Regional Cannes
Provence Alpes tonight in the
Konzerthaus, with works by
Roussel. Debussy. Ravel and
Beethoven. Roberta Piii gives
a piano recital tomorrow at
Sehdnbrunn. Fri at Pal/fy: Vienna
Atlantis Trio. Sat in
Deutschordenshof: Austrian
Chamber Philharmonic plays
works by Danzi, Lachner end
Reicha. Sun in Rathaus:
Beethoven concert (4000 8410).
THEATRE
Vienna's English Theatre
(Josefsgasse 12) has
performances of Ray Cooney's
comedy Run For Your Wife, daily
except Sun (402 1260).
European Cable and
Satellite Business TV
(all times CET)
MONDAY TO FRIDAY
CNN
2000-2030, 2300-2330 World Busi¬
ness Today - a loint FT.'CNN pro¬
duction with Grant Petry and Colin
Chapman
Super Channel
0830-0900 (Mon) FT East Europe
Report ~ weekly mdepih analysis
from FTTV
3130-2200 [Tues| Madia Europe -
what's, new <n European media
business
2130-2200 (Wed) FT Business
Weekly - global business report
with James BeNmi
QKHH&OC' |Thurs| Media Europe
2130-2200 (Thursl FT Eastern
Europe Report
0830-0900 (FrO FT Business
weekly
Sky Ne ms
0130-0200 (Mon). 2130-2200
(Thurs). DS30HJ600 |Fr,) FT Busi¬
ness Weekly
CNN
0900- D930 World Business Tins
Week - j joint FT.'CNN proOu-ticm
1900-1930 World Business Tnls
Week
Super Channel
1930-2000 FT Eastern Europe
Report
SUNDAY
CNN
1930-1 100. 1800-1830 World Busi¬
ness This Woek
Super Channel
1800-1830 FT Busmens Weekly
Say Nws
1330-1400. 2030-2 100 FT Bu&inost,
Woekiy
V
FINANCIAL TIMES WEDNESDAY JULY 8 1992
FINANCIAL TIMES
Number One Southwark Bridge, London SEI 9HL
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700
_ Wednesday July 8 1992 _
Russia’s place
at the table
From their headquarters
in the Swiss lakeside
town of Vevey, managers
of Nestle, the world’s
largest food company,
look out on a placid picture-
postcard view disturbed only by
the passing of an occasional paddle
steamer. But inside the building,
the atmosphere is tense with
anticipation.
In the next month, the European
Commission will decide whether
Nestle may complete its FFrl5.46bn
(£l-58bn) takeover of Perrier, the
French mineral water group
acquired after a hard-fought battle
with the Italian Agnelli family.
The decision is central to Nestle's
plans to become at a stroke the
world's leading mineral water sup¬
plier - it is already the biggest
producer of dairy products, choco¬
late and soluble coffee - and to its
ambitions to raise profitability to
new levels in the 1990s.
“We feel we must break out of
this limitation which has seemed
like a sound barrier in the food
industry - the Idea that a 5 per
cent net margin on sales is really
very good,” says Mr Re to Dotnini-
coni, finance director and chief
architect of the Perrier deal. He
thinks 6 per cent is achievable.
Perrier, whose profits have been
depressed since a benzene scare two
years ago, could fit the bill nicely.
Industry analysts estimate that, by
rationalising Perrier and beefing up
its marketing. Nestle could earn
operating margins of 20 per cent on
mineral water, twice the return on
its existing businesses.
However, Brussels says the deal
could give Nestle and BSN. France's
largest food company, a duopoly of
the French mineral water market
This is the first time EC merger
watchdogs have objected to a deal
on duopoly grounds, and Nestle -
which is counting on takeovers to
fuel much of its growth - fears the
case will set a restrictive precedent
Says Mr Domeniconi: “If they
upheld the duopoly position, it
would be a very major hurdle to
many future acquisitions,” particu¬
larly hostile ones.
Whatever the outcome of the
case, Nestle will remain determined
to pursue worldwide expansion by
an; route it can. Mr Helmut
Maucher, chairman, says he sees
more growth opportunities in food
than at any time in his career. By
2000 he aims to double last year's
sales of SFr50.5bn (£19.3bn), the
sixth largest of any publicly quoted
European company.
Since the German-born Mr
Maucher became chief executive in
1981. he has transformed Nestle
from a sluggish and sprawling mul¬
tinational into an aggressive global
player by injecting a more decisive
management style, impatience for
results and a streak of shrewd
opportunism.
Long a highly acquisitive com¬
pany. Nestle spent about SFr20bn In
the 1980s on takeovers, notably of
Carnation in the US and Rowntree
in Britain. In the past five years, it
has invested on average SFr2bn
annually to restructure operations
in the US and Europe and expand in
Asia. Africa and the Middle East
These moves are now paying off.
In the US, Nestle increased sales
last year by 5 per cent in a stagnant
grocery market, while its European
operations, some of which lost
money in the 1960s, all traded prof¬
itably. Rowntree has flourished,
increasing profits and market share.
Though traditionally averse to
alliances, the Swiss company
recently formed two important joint
ventures. One, with General Mills of
the US. is challenging Kellogg's
worldwide leadership In breakfast
A YEAR AGO it was Mr Mikhail
Gorbachev’s plea for assistance
that closed the summit of the
Group of Seven industrial coun¬
tries. Rebuffed. Mr Gorbachev
returned home to the August
coup, the termination of his career
and the break-up of the Soviet
Union. This year it is Mr Boris
Yeltsin's turn. But if he too is
rebuffed, the west is likely to lose
more than it did by its denial of
Mr Gorbachev. Mr Gorbachev had
no vision of economic reform; for
all his faults, Mr Yeltsin does.
G7 leaders must resent Mr Yelt¬
sin's mixture of braggadocio and
begging. Russia, be asserts, should
be allowed to sit at the G7’s high
table. What is more, as a “great
country”, Russia cannot be asked
to abide by conditions imposed on
lesser fry.
The G7 should make it clear
that membership of this august
club is only for those able to make
a positive contribution to the man¬
agement of the global market
economy. Equally, there can be no
question of pouring funds into the
bottomless pit of the Russian mili¬
tary-industrial complex. Nor can
Russia be helped if it refuses to
move rapidly towards a private
market economy. Mr Yeltsin
should also be reminded that the
sufferings of the Russian people,
both past and prospective, cannot
be laid at the west's door.
Nevertheless, the west must
take account of the way the
unscrupulous will exploit popular
discontent. The west may feel that
beggars should not be choosers.
But when the beggar is able to
blow up the world, he can.
Small carrot
The west’s interest remains in
helping him make the right
choices. The question is how. The
problem is not that the west
insists on conditions. It is that it is
concentrating most attention on
the wrong conditions and. still
more, that its carrot is too small.
A total of $24bn is supposed to
be on offer. But $6bn is for a stabi¬
lisation fund that may never be
activated and, if activated, is
expected never to be drawn down.
A substantial part of the rest is for
relief of debt service obligations
that will, in any case, not be met
In short, the fresh resources that
Russia might obtain, even if agree¬
ment were reached, is less than
half the $34bn.
The west should reconsider both
its priorities and the scale of assis¬
tance on offer.
The highest priority is rapid pri¬
vatisation of land and of small and
medium-sized enterprises, as well
as creation of a legal framework to
ensure the growth of private
enterprise throughout Russia.
Budget constraints
The next priority is the commer¬
cialisation of state enterprises,
debt restructuring and the imposi¬
tion of credible budget con¬
straints. Managers and workers in
state enterprises must also see
possibilities for enriching them¬
selves when they make their
enterprises more efficient.
The third priority is a system of
payments that sustains commerce
in the former Soviet Union, along,
with unification and convertibility
of the rouble on current account
A fixed exchange rate is. for now,
simply a fantasy.
The fourth priority is a macro-
economic stabilisation at least suf¬
ficient to keep inflation under con¬
trol and, ideally, sufficient to
ensure that budget deficits can be
financed without resort to the
printing press.
Last and least, is continued debt
service. Future historians will be
astounded at the attention paid to
sums that cannot be repaid and, in
any case, barely matter against
what is at stake.
The west will not obtain all that
it seeks. But it must make sure
that it does at least obtain an
opening towards a private market
economy. Without that, nothing
should be given. Support should
be given now without insisting
upon all the other conditions. It
should be made clear, however,
that the further Russia goes, the
more help it will receive. For
really radical reform, the west
should be prepared to offer as
much as $100bn in net transfers
over five years.
As in Europe after the second
world war. a durable partnership
must now be established between
serious Russian reformers and the
west The west should overlook
Mr Yeltsin’s bluster, persist in
helping Russian reform and be
prepared to distinguish what is
essential from what is desirable
Mr Yeltsin can, indeed, be irrita¬
ting. But he offers what may
prove to be a unique chance. It is
one that must be taken.
Stormy forecasts
IT HAS been a particularly
chastening recession for Britain's
economists. Spotting turning
points is the hardest task for eco¬
nomic forecasters, as well as their
raison d'etre. But their recent
record has been particularly bad.
Having failed to predict the reces¬
sion, most economists have been
expecting Britain’s recessionary
cloud to lift for a year or more.
Yet, defying the forecasts, it just
keeps raining all the time.
Mocking economists is a rather
cheap, if satisfying, pastime. Many
professions require some ability to
read the future; and politicians,
business executives and journal¬
ists have all been fooled by the
stormy nature of this cycle. Yet
accurate forecasts remain as nec¬
essary for policy-makers and
wage-bargainers as for business.
How far-sighted, then, of the
Treasury to commission an inves¬
tigation into recent forecasting
performance. The National Insti¬
tute for Economic and Social
Research may not be the most
independent of auditors or unbi¬
ased of critics. Nor is the main
conclusion of its preliminary
report particularly earth-shatter¬
ing. Extrapolating the past into
the immediate future is not much
help when the immediate future is
radically different from the imme¬
diate past: this point has surely
sunk in by now.
Yet the NIESR report does
implicitly criticise the funding pol¬
icy of the Economic and Social
Research Council. The bulk of the
government’s £2m budget, on top
of the funds spent on the Trea¬
sury’s own model, funds two other
models, at the NIESR and the Lon¬
don Business School. Both are
similar in design to the Treasury
model, and all three have made
very similar errors since 1985. Yet
more iconoclastic (and recently
more successful) forecasting
teams at Cambridge. Liverpool
and City universities have all had
their funding withdrawn over the
past decade. The public interest
would be better served by a policy
that promoted choice and diver¬
sity rather than a cosy cartel of
like-minded clones.
The fault, however, lies not with
the models themselves, but with
those who use them. Politicians,
journalists and economists have
treated econometric models with
undue reverence. Forecasts of the
economy do, in tact, deserve to be
treated as sceptically as those of
British weather.
Dentists’ fees
THE FEES earned by UK dentists
for treating national health ser¬
vice (NHS) patients today fall by
seven per cent In retaliation, the
dentists have voted for a partial
withdrawal from NHS work.
Unhappiness over the terms of the
current contract under which
most dentists work has already
started an exodus from NHS den-
| tistry in some areas. This now
looks likely to spread.
The government says that the
fee cuts are needed because den¬
tists are earning more than the
target net income set by their pay
review body. Dentists have suc¬
ceeded in signing up many more
patients than anticipated when
setting the fees. However, the cuts
send out an unfortunate signal
about the government’s commit¬
ment to relating rewards to perfor¬
mance. And given the value of
preventive dentistry in improving
dental health, it is doubly unfortu¬
nate that the cuts are imple¬
mented on the same day as the
white paper on improving the
nation's health is to be published.
Ministers' response to the gath¬
ering crisis has been to promise a
fundamental review of dentists'
remuneration, a move which Is
long overdue. It would examine
criticisms that the current con¬
tract undervalues preventive
work. It should also look at
regional differences in costs such
as salaries, rents and other over¬
heads, so that dentists' income for
NHS work bears some relation to
their expenses.
More radical options should also
be explored. Some work currently
available flee or subsidised on the
NHS is mainly cosmetic, with lit¬
tle value in health terms. And
with most adults already paying
75 per cent of the cost of NHS
treatment, charging them the full
cost should be explored to release
resources for improving incentives
for dentists to sign up the 25m
unregistered people and offer
them regular checks.
The sooner Mis Bottomley gets
her review under way the better
for those who rely on the NHS for
dental treatment. Meanwhile, den¬
tists should put their threat of
partial withdrawal from NHS ;
work on hold until that review is
completed.
Nestle is awaiting Brussels’ decision on its
takeover of Perrier, which is crucial to
its growth strategy, says Guy de Jonquieres
A thirst for
Nestle: seeking some fizz for profits
. .-17. •' • • ’ *£ r • >v h
N«tmaigin(%).' . 4.0 . ; 45 • 48 4.V ' * 50 , 5 Js;\r 52V ■.&XP..7 '42, / W'
cereals, and the other, with Coca-
Cola, is in canned coffee and tea.
In the past year. Nestle has radi¬
cally reshaped its management
structure by grouping activities into
strategic business units, which
marry geographic and product
responsibilities. The aims are fester
decisions, more coherent strategy
and improved coordination of toe
company's far-flung operations in
more than 100 countries.
Next year, Mr Ramon Masip,
Spanish head of Nestle's European
operations, will become chief oper¬
ating officer, freeing toe 64-year-old
Mr Maucher to focus more on broad
strategy. Mr Maucher. who enjoys
personal authority rare in a com¬
pany of Nestle’s size, is. already
scouting for fresh acquisitions, par¬
ticularly in the US. where he
believes toe takeover market may
be livelier than in Europe.
Nestle’s horizons are not limited
to food and drink. In the 1970s, pes¬
simism about food manufacturing
led it to buy Alcon, a US pharma¬
ceuticals company, and to acquire
indirectly 27 per cent of I'Ordal of
France, toe world's biggest cosmet¬
ics manufacturer. An agreement
gives Nestle first refusal on toe rest
of L'Oreal after the death of Mrs
Liliane Bettencourt, the Freuch
company’s largest shareholder.
The agreement expires in 1994,
and Nestle's exercise of its preemp¬
tive rights would require French
government approval. But Mr
Maucher already talks openly of
eventually taking full controL
Although Nestle claims it can
find “synergies" with Alcon and
L’Or&d, Mr Maucher admits these
investments stem as much from
financial as industrial logic: "Nestle
could live without L’OreaL It was a
fantastic investment . . . why not
have a second big egg in a company
basket?”
He also insists that Nestle's domi¬
nant business will. remain food
manufacturing, and is focusing
much attention on developing coun¬
tries, where he expects future
growth to outstrip the mature
industrialised markets which pro¬
vide four-fifths of Nestle’s sales.
Nestle's role in the
third world remains a
touchy issue. It has
operated there since
late last century, and
its manufacturing and distribution
network is rivalled only by Uni¬
lever. But toe Swiss company is still
haunted by a controversy from the
1970s. when it was accused of pro¬
moting baby food sales by urging
mothers to abandon breast-feeding.
Nonetheless, it believes economic
reform and free-market policies
have lessened developing countries’
hostility to multinationals - and'
its drive to capture new markets
there is moving into high gear. '
In Latin America, it plans to
spend SFr2bn this decade after
freezing new investment in the
1980s. It recently entered the
ice-cream market in China, where it
is also negotiating several other
ventures, and is building a network
of plants in south-east Asian cotm-
• tries which have agreed to cut tar-:;
iffs on its products by 90 per cent..
At Mr Marcher's insistence, the
company is developing a rang** of
“popularly positioned products'*
(PPP) which it can produce cheaply
in developing countries using local
raw materials such as soya: The
project wfll test the success or a
recent shake-up of Nestle's research
operations. Although these are.
among -the- biggest in the food
industry,, the company has long
been accused of being slow to Inno¬
vate. Some critics argue that its last
real world-beater .was soluble coffee
in 1908, ” . • •
Executives respond that continu¬
ous updating and adaptation of '
existing products pays bigger divi¬
dends than searching for block¬
buster breakthroughs. However,
they also admit that house-cleaning
was long overdue at its research
laboratories, which had lost touch
with toe needs of the business.
But for all its confident expan¬
sionism, Nestle’s future growth will
depend heavily on maintaining toe
success of established businesses
such as Nescafe. Here, it faces three
mam challenges; - • .
• Coffee supplies: although Nestfe
has benefited from the steep, fan in
world prices, it is increasingly con¬
cerned that production cuts- will
trigger a sharp price rebound. It is
- lobbying, so far with little success;
fora new international coffee agree¬
ment which would stabilise prices.
• The rise of retailer power Nestle
fears its jFbrnudabte marketing clout
is being eroded as the European -
grocery trade concentrates .intoT-"
fewer big supermarket groups,
which increasingly promote their
"private-label" products in compete
don with those of branded maxnzfac- .
hirers.
. ■ Mr Peter Brabeck, Nestfe’a chief
marketing strategist, says the prod- '
. ;uct range it sells through. fcnge -.
supermarkets is narrowing as they
tighten the screw on manufacturer .:
brands. The squeeze, be says, has '
been made worse by a decline in the _
effectiveness of mass-media adver- .
Using, traditionally the branded
manufacturers’ main means of com- 7
municating with consumers.
Mr Brabeck plans to experiment
with new distribution channels and - -
marketing methods, such as buyers’
clubs and loyalty bonuses, But . .
some colleagues think action by ECL:
competition authorities may be toe
only long-term, check on retailers'-;
growing power.
• Uneven margins: Nestle- earns . .
'. huge profits and cash ftrarchoco-- :
late and soluble coffee. But margins
are far Less impressive on products
such as pet food, yoghurt and foe-
cream. where Nestle is either not: '
dominant or competes .in highly:-/'
fragmented markets. Mr Maucher -
says it is hard to find new products -
which can- match- Nescafe's profit; ;
ability.
M r Domeniconi con-.
cedes that weaker
operations may
eventually have to. r
be eliminated or "...
strengthened through acquisition.
But Mr Masip says the company can
afford to carry them for some time,
although, he declines to say which
are considered “strategic" long-term - -
businesses: ?I don't think we have a '
very dear idea ourselves, because :
this is a moving target” :
With annual.. cash flow of mi are
than SFr4bn and a iriple-A credit ’•
rating. Nestte has simple resources,
for further takeovers. Indeed, it has
sometimes been accused of buying
.its way out of mistakes by making :
high-priced acquisitions, such* as
the £2.6bn takeover of Rowntree in
1988, launched after the Swiss com¬
pany bad allowed its. own share of
the UK chorolate market to.slide.:
Nesti# has long relied on issuing
equity to fund takeovers and invest¬
ment whfahhaskept its balance
sheet strong but ranted earnings
growth. Now it aims to limit cash
calls in an effort to boost its pricef -
earnings ratio, so. it can. use its
shares to pay for takeovers without
dfluting earnings. .
More than half, of Nestle's shares
are owned by foreign investors,
whom it has diligently courted
since thelate 1980s by liberalising
its share register and disclosing
more information. However, voting-
right restrictions still protect it
against takeover. -
But in opening up to foreign
investors, is Nestle not worried
about falling prey to toe short-term
preoccupations • of Anglo-Saxon
institutions? Mr Maucher sonnds
unperturbed.'
*1 think a lot of those investors
will have a portfolio of solid growth
security in -Nestld shares, and. a
portfolio of more speculative
shares," he says. “They cannot keep
everything in one basket”
Personal View
Preaching pragmatism
to free trade church
The free trade
church is in need
of a Reformation.
Consider Britain’s
recent history.
From the first
impact of Honda's
arrival to toe death
of the British
motorbike industry was about a
decade. By the time colour tele¬
visions and cars began to come
from Japan toe UK had learnt its
lesson. It trumped up charges of
dumping to justify punitive tariffs,
and thereby pushed the Japanese
into VERs - “voluntary” export
restrictions. They responded -
resentfully and reluctantly - by
manufacturing inside the UK mar¬
ket The result: Britain now has
flourishing colour television and car
industries.
True, sad things have happened
to British companies in those indus¬
tries. But they would have hap¬
pened anyway - faster and more
brutally - under free trade. And at
least a very large chunk of toe
value-adding activity which goes
into making our cars and televi¬
sions takes place in the UK and
generates labour incomes in the
UK. As for toe capital Income -
who gets the profits - British
insurance companies and pension
funds long ago shifted their
investments out of British car
manufacturers and into Toyota and
Nissan.
British bureaucrats had stumbled
on a sensible and pragmatic form of
protectionism. But how will the
economist high priests of the free
trade orthodoxy describe it? As
the unprincipled and self-defeating
expediency of short-sighted
By Ronald Dore
politicians. They will tell you
precisely how much extra this
protectionism makes us pay for
our cars; how big the extra
profits of Nissan and British
Rover. What they will not tell you is
how much of the “consumer sur¬
plus” yielded by cheaper cars woald
have been mopped up in unemploy¬
ment pay, or how many fewer
pounds we would have had for
spending on cars if toe car industry
had gone the way of toe motorbike
industry.
The high priests of free trade
frequently pretend to despise
such a self-centred single country
calculation. Has world GNP been
increased or .diminished by British
protectionism? The answer is it
Japanese firms would
come to Europe, not
resentful at being
bludgeoned by
charges of unfairness
has probably increased. Thanks to
the chicanery of anti-damping
tariffs, less of toe Japanese surplus
has been channelled into buying
US Treasury bonds and real est¬
ate, more into direct overseas
investment, thereby doing more to
add to world efficiency by diffusing
their work practices around the
world.
Suppose we did reform the Gen¬
eral Agreement . on Tariffs and
Trade (Gatt) to allow for such sensi¬
ble pragmatism. What might .it
mean in practice?
First it would mean dropping all
the provisions which allow protec¬
tionist measures to be justified by
charges of dumping or hidden subsi¬
dies. (But not those that allow
developing countries to protect
infant industries to gain learning
time.) Anti-trust prosecution of
predatory pricing can still continue
- without discrimination between
imported and domestically pro¬
duced goods.
Second, Introduce a new concept
Investment Inviting Import Quan¬
tity Restrictions (fllQRs). These do
not, like antidumping actions, say:
•'Youarecheats and we are going to
block your imports.” They say:
“You are (dearly more efficient than
us. But we don't want to lose toe
industry. We shall import only a
certain number of your widgets per
year for toe next ten years. But by '
all means come and manufacture
here. We shall give yon all toe facil¬
ities available to domestic start-ups,
though weshaH Insist on enhanced
phased-in local content rules,"
The conditions fbrmQRs should
be defined tightly in the Gatt - to
terms :6f an industry's share in
GNP, its multiplier effects on the
economy, toe: growth rate of import:
penetration, and so on - taking
care, probably by. some measure of
lahnnr-intensitivtty. that IHQRs
cannot be. used against developing
countries' attempts to escape pov¬
erty, by trading on their sole
cheap- labour - advantage.
What are toe implications of such
a Lutheran -shift making free trade
no longer absolute virtue, and dis¬
crimination, no longer: absolute
vice?
V An. end to the most poisonous
feature of our current hypocritical
orthodoxy; the fact that the way to
practice {frequently sensible) pro¬
tection is by calling a trading part¬
ner a cheat It .takes experts to-
expose toe dishonest chicanery of
anti-dumping suits. But.every news¬
paper reader can see how unhealthy
Japan-hashing is for US politics, let
alone international relations.
• Japanese firms would come to
Europe, not resentful at being blud¬
geoned: by charges of unfairness,
but .flattered! at the : acknowledge¬
ment of their solid competitive
strengths. They would- be, more
ready to comply honestly with local :
content rules. \ - 2 1 .
•-Acceptance that. discrimination
against states with an inbuilt struc¬
tural surplus is legitimate as
Keynes argued to the 1940s when
it was the US which was tbeobvi-
ous target far discrimination ..Suich
discrimination is a recognition.. that
we live in -a .wodd community. — ■
just as the universal practice of pro¬
gressive taxation which: discrimi¬
nates against the wealtoy :1s a! rec¬
ognition that the nation, is ‘a
community.
To he sure, there are problems
With these proposals. IIIQRs protect
industries not toe existing domestic
firms' in an industry. Unfortu¬
nately, it is existing companies
which finance pressure group lob¬
bies and political Parties, and often
■ actually believe that the Japanese
win by cheating and not by atpi-Hc*
of the solid . Victorian virtues of
-thrift, diligence, long-term planning
and managerial efficiency.
V Reform needs politicians with the
Lutheran toughness to resist the
lobbies.-
Orthodox, beliefs are powerfuL
Free trade orthodoxy rests partly on
ideals, partly on theory. As for
ideals, accelerating, investment
through: mQRs shows -ah even
stranger spirits internationalism
, As for trade theory, toe bankruptcy
oT the comparative advantage, para-
■ digm with its' assumptions of com-
_ Petithre maritets and “undistorted"
prices fa apparent even to some "of
its high priests, a world in which
one' country’s export drive can
destroy, another country's industry
in the space of half a decade Is no
longer- toe worid.fo. which Hlrardo
developed his theory oTebmparafhre
advantage!
The author is a professor of poBtiaU
science at Mbissachnsetts Institute of
Technology and a member of the.
Centre for_ Economic Performance at .
the London School of Economics. '
FINANCIAL TIMES WEDNESDAY JULY^ 1992
Edward Mortimer
LETTERS TO THE EDITOR
A chance to fix Europe
- _ ~ All Tight, I
admit it My
M M advice three
wr n I? weets
Irish voters
was frivolous
Affairs follow, the
. Danish exam-:
pie. and vote. ‘no’, in the hope;
that this would force European
governments to come up with
a clearer and more rational
proposal for European union
than the one contained in the
Maastricht treaty. Surprisingly
but sensibly, knowing well on
which side their bread is but-
ter-mountained. the Irish
endorsed the treaty. y
Mind you. I really do find the
treaty unreadable _andi in
parts, incomprehensible -
though I am grateful to British
Management Data Foundation*
for supplying a relatively com¬
prehensible edition of it, giving
a consolidated text of the
Treaty of Rome as Maastricht
proposes to amend it, and
using bold type with a different
layout to identify- the new or
amended articles.
I should still like to see a
clearly drafted European con¬
stitution - call it federal, if
you like - defining the powers
of the union and. expressly
reserving everything else to
the member states. .
Mr Christopher Kane, a law¬
yer in Seattle, has kindly writ¬
ten to the Financial Times
offering a model clause to that
effect, namely the 10th Amend-;
ment to the US Constitution
which says; “The powers not
delegated to the United States
by the Constitution, nor pro¬
hibited by it to the States, are
reserved to the States respec¬
tively. or to the people.” _
That Is certainly a lot clearer
than the now famous Article
3b of Maastricht, which says
that “in areas which do not fell
within its exclusive compe¬
tence, the Community shall
take action, in. accordance with
the principle of subsidiarity,
only if and in so for as the
objectives of the proposed
action cannot be sufficiently
achieved by the member states
and can therefore, by reason of
the scale or effects of the pro¬
posed action, ' he .better
achieved by the Community”.
My union would have poms'
to conduct a. .common external
policy, to defend and police its
external . frontiers, and •; to
ensure, free .circulation of
goods, persons and capital
throughout its territory. (Does,
that entail a single currency?!,
remain agnostic on that point)
For those purposes a central-
union executive would be
needed, which should be
accountable to an assembly
elected by the people , of the
union as a whole. The assem¬
bly could also be the legislative
body. The areas of union com¬
petence should only be
extended with the consent of
all member states.
Such is my idea of European
Union. But I know that the
Interference
on the line
■ When it comes to corporate
shenanigans, it is hard to beat
the comings and goings at the
top of Ireland’s state-owned
telephone system - Telecom
Eireann. Yesterday, Professor. .
John Scania n became the third
chairman in the utility's eight
year roller-coaster history.
Given that his predecessors
fell out with the government -
he would be wise to keep his
hand in teaching electronics.
The relationship between
the Irish government and its
telephone company has always
beep a prickly one. There is
an apocryphal tale of bow one
junior minister of posts and
telecommunications used to -.
travel around the counts? with
a car full of telephones. When
a constituent complained that
he bad waited for months for
a phone, the minister would
solve that little problem by
going round to the boot of his
car.
Like British Telecom, "■
Telecom Eireann’s service is
much better than it was and
waiting lists have, been
dramatically reduced. But its
relations with the government
have not improve! Bence the
revolving door at the top of
the organisation. The
government would dearly love
to privatise the company but
until it stops interfering it’s
going to have a job persuading
foreign investors to take it off
its hands.
Gut feeling
■ Nicholas Soames, the new
junior agriculture minister.
Is fast becoming the most
engaging character on the
front bench. Making his first
appearance at the Treasury
despatch box. he likened
winding up a debate to the
“parliamentary equivalent of
Britain must use its presidency
of the EC to champion a more
democratic union
Major and Hard: mast explain, the nature of the union
chances of such a union being federalists and inter-govern-
constructed on the ruins of the mentahsts is ultimately sterile.
Maastricht Treaty are nil. In his eyes the Maastricht
Although many RngiigH people “three-pillar” structure, which
think of the EC as a tiresomely sets both “foreign and security
Cartesian phenomenon, foil of policy” and “justice and home
abstract logic and inapplicable affairs” 'outside the purview of
. principles, in reality it is and ' the EC proper, is redeemed by
always, has been something J the overall provision that “the
much more Burkean in nature. - union shall be served by a sin-
It is misshapen because it is gle institutional framework”. It
organic, forever adapting itself is also saved by the specific
to circumstances through a ' provisions which give the
process of illogical but creative Council (of ministers) the main
compromise. — - authority in
That is not ' The treaty these matters,
likely to change; «»liifnrrp« flip as in the EC
to satisfy me or reiniorces me itself, while
any other doc-’ authority OI a associating the
^ ^ body which is not
The point is ' ' collectively to be carried
cJZuJ«atl7v accountable Ludlow
someone I used points out that
to regard as a much more doc- the Council, whose role “at the
trinalre federalist than myseit heart of the Community's
Mr Peter Ludlow' director of unique institutional structure”
Brussels’s own think-tank, the the treaty “reaffirms and rein-
federalists and inter-govern-
mentahsts is ultimately sterile.
In his eyes the Maastricht
“three-pillar” structure, which
sets both “foreign and security
policy” and justice and home
affairs” outside the purview of
the EC proper, is redeemed by
the overall provision that “the
union shall be served by a sin¬
gle institutional framework”. It
is also saved by the specific
provisions which give the
Council (of ministers) the main
- authority in
■eaty these matters,
m flip 43 to the EC
me itself, while
ty of a associating the
.u is not Commission
JI IS not ^ work
unhappy about Maastricht the
treaty reinforces the authority
of a body which, even though
its individual members are
accountable to national parlia¬
ments, is not collectively
accountable to any representa¬
tive assembly. Does Maastricht
not thereby exacerbate the
EC’s notorious “democratic
deficit?" .
Mr Ludlow concedes that
this argument “must be taken
seriously". He points out that
the European Parliament
already has a significant role
. in EC legislation, and that this
role is further enlarged by the
new treaty. Politically, he says,
the parhiment has only itself
to blame for its failure to act as
an “effective watchdog”.
This could be remedied if
political parties did more to co¬
ordinate tiie work of the Euro¬
pean Parliament with that of
national parliaments. But he
adds that the democratically
elected governments of mem¬
ber states must “constitute an
indispensable brake on an
over-mighty centre”, and
claims that the treaty adds
checks on the growth of irre¬
sponsible power - though
these, on inspection, do not
amount to much.
In an appendix written after
the Danish referendum, Mr
Ludlow blames the result
partly on the Danish political
establishment for failing “to
explain to its voters at large
what the Buropean Commu¬
nity has always been about”.
He also partly blames the
Commission, which “perhaps
involuntarily, conveyed the
impression that Maastricht
was only the beginning of
something that was to be much
worse as the future unfolded”
Mr Ludlow urges the other 11
governments to “engage in a
systematic effort to explain
and justify f-har^t^r and
logic of the EC's unique politi¬
cal system, as it has developed
over 40 years and as it Is con-
tinned and consolidated in the
Maastricht treaty”.
Such a campaign is indeed
necessary, and the UK govern¬
ment should take the lead -
both because it occupies the
presidency at this crucial
moment, and because it
Centre -for European Policy
Studies. £n a lecture** deliv¬
ered in Stockholm in May, Mr
Ludlow mounted a resolute
defence ’ of the Maastricht
treaty, based on a dose read¬
ing of the text
He starts , from the observa¬
tion that the EC is neither a
purely Inter-governmental
organisation nor a classic fed¬
eral system, Jmt an original
construct combining elements
of tbe two. Therefore, in his
view, the argument between
with the work involves explaining that the
to be carried - union is something much more
out. British and less continental in
Mr Ludlow its nature than it looks at first
points out that sight That may not satisfy uto-
lose role “at the plans, but it may be more
Community's acceptable to seasoned practi-
ional structure” turners on the back-benches in
{firms and rein.- the House of Commons,
forces", is more than a purely Whether it can be made
inter-governmental institution, acceptable, after all, to Danish
even though made up of minis- voters we shall see. If not,
ters of the member states. some further piece of untidy
In recent years, he says, its pragmatism can no doubt be
decisions “have not only been devised to govern their future
much more than the lowest relationship with the union
common denominator of agree- they have rejected,
ment among those present, but * Highfield, Longridge, Sheep-
have to an uncomfortable scombe, Stroud GL6 7QU. Price
degree bound those who were £12.50
least happy about them”. ** The Treaty of Maastricht
In saying that, he puts his and the Future of Europe
' finger on precisely the thing (CEPS Working Document No.
which makes so many people 68)
the Grand National". -
- As the subject was bovine
spongiform encephalopathy -
(mad cow disease), Soames
made certain he did not fall
at the first fence by haring
a preliminary canter around -
the pronunciation hi his office.
And how long does -it take
for tile BSE agent to pass from
. the_guttothe brain? .The
amply proportioned Soames
assured his listeners that “in -
my. case the transfer would .
take a long time”.
Sleep easy
■ New UK environmental -
regulations require industry •
to use BATNEEC to dean up
its act This stands forhest
available technology not
eutailingexcesszvecost .
Industry has responded with
CATNIP - cheapest available
technology not involving
prosecution.
On reflection
■ Come back Wynne Godley,
all is forgiven. Yesterday
marked file start of the
rehabilitation of the
left-leaning Cambridge don
best known for his gloomy
views about the UK economy
and the need for Import
controls; .
A government-funded study
into the biggest forecasting
errors by government and
private-sector economists in
recent years says that “more ■
attention should have been
paid” to the warnings of
Godley, who predicted a long
and severe recession before '
virtually anyone else.
Given the exclusion of the
®>-year-old Godley from the
inner circles of policymaking
during the 1980s - he lost his
government funding In 1982
largely because of his
uon-Thatcberite views - the
Irony is delicious.
It was not lost on Godley
“If the Goebbels diaries
are authentic there’s
probably nota word of
truth in them”
yesterday on sabbatical from
Cambridge at the Jerome Levy
Institute in New York. "Over
the past few years, I have had
a strong sense of not existing
It’s been like walking past a
mirror and seeing nothing,**
says Godley. One could almost
hear the maverick making
merry with his oboe at the
welcome news.
Title brewing
■ One cannot question the
loyalty of George Younger,
the former defence secretary.
Who else. would prefer to adopt
the title of an obsolete Scottish
airport rather than some pretty
glen?
Lord Younger of Prestwick,
as he will soon be known, has
always been uncommonly
faithful to Che under utilised
airport in his former
constituency of Ayr. In the
Iff years he was an MP. he led
the lobby which persuaded
the government to keep
Prestwick’s monopoly on
transatlantic flights to and
from Scotland.
Because the airport was
highly inconvenient for much
of the Scottish population, its
traffic dwindled to the point
when on some winter days
there were no passenger flights
at ail; the development of air
services from Scotland was
retarded by a decade, often
to the benefit of airports like
Manchester.
However, Younger lost his
battle In 1990 when the
government finally allowed
neighbouring Glasgow to break
Prestwick's transatlantic
monopoly.
As a result BAA sold
Prestwick earlier this year to
a consortium, backed by the
local authority, with Younger
a prime mover.
Prestwick is now developing
its freight business and hoping
for the day when Glasgow
becomes too congested.
However, if Prestwick really
proves a white elephant.
Younger won’t necessarily be
tagged for life. He should
eventually succeed to his
father's title Viscount Younger
of Ledde, the name of the
family home, a long, long way
from Prestwick.
Employment tip
■ Did you know that Bengt
Dennis, governor of the
Swedish Riksbank - the oldest
central bank In the world -
Is one of the most lowly paid
members of his fraternity?
. He earns a mere 56,000
crowns a month (£5.230) from
his employment In Stockholm.
But he manages to double bis
annual earnings as a result
of plentiful emoluments from
the Bank for International
Settlements, of which he is
currently president - a
mandate which runs out at
the end of next year.
Point of order
■ “Daddy, what is the tallest
building in London now that
Canary Wharf has collapsed?'
Number One Southwark Bridge, London SE1 9HL
Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution
In defence
of a total
nonsense?
From N T Horvey-WtlKoms.
Sir, I have been bemused by
some of the highest intellects
In the land hotly defending the
wearing of wigs as being some¬
how beneficial to the proper
dispensation of justice in
Britain. Vaclav Havel, when he
was being persecuted In
Czechoslovakia for challenging
another rigid form of ideology,
once said: "I love logically con¬
structed arguments which
defend total nonsense."
Those of us with lesser
minds but perhaps a better
understanding of tbe real
world outside the cloistered
attitudes of the legal profes¬
sion. have to ask them:
beneath your wigs, are you
wearing any clothes?
N T Harvey-Wflliams,
8 Wyndham dose,
Oadby,
Leicester LSt 4HR
Disclosing who
they are and
what they earn
From Mr Ernest G Gobert
Sir, Lex (“Leave it to the
board”, July 6) says that if
shareholders do not trust the
directors they should not buy
their shares.
Very true. In the case of the
latest flotations tbe names of
the directors are not disclosed
in their Invitation to subscribe.
One cannot trust someone
whose name, let alone whose
antecedents, one does not
know.
Ernest G Gobert
3 Beechwood Drive,
Marlow,
Bucks SL72DE
From Mr James Cane.
Sir, Your editorial, “Direc¬
tors’ pay” (July 6). is right in
seeking greater disclosure of ;
board remuneration informa- j
tion, including share option
benefits.
I hope that the National
Association of Pension Funds
proposals for share option
schemes (“Shareholder group
calls for changes to stock
option plans”, July 6) support
your recommendations for vol-
Surveys of business opinion
seen as lacking credibility
From Mr Roger Lyons.
Sir. So the Institute of Direc¬
tors has joined those whistling
to keep their courage up about
the continuing recession
(“Confidence firm, says JoD”,
July 6), but how much can we
credit these surveys of busi¬
ness opinion? We all remember
the March Confederation of
British Industry survey which
declared on the eve of the gen¬
eral election that recovery was
round the corner.
Indeed, a story on the same
page as the IoD story under¬
mines its credibility. Here, you
report the Ernst & Young Item
forecasting group envisaging
“a 0.6 per cent decline in out-
nnteerlng further details on
share option schemes, but do
not impose a view as to the
“correct” criteria.
It should be for companies,
and their remuneration
committees, to decide the
appropriate structure of the
scheme, and to disclose it.
It should be for the “markets”
to make their judgments on
that structure, and to act
accordingly.
More disclosure - yes; more
regulation - no.
James Cane,
Greenly X
39 Thames Street,
Windsor,
Berks SL4 1PR
Angels in the
garden
From Mr Adrian P Hewitt
The “appropriately named”
Englischer Garten ("Munich
finds G7 summit a heady
brew”, July 6) gets its appropri¬
ateness for Frau Kohl and and
the other consorts of the lead¬
ers by being angelic rather
than English.
Moreover, the Engels in .
question are real angels, not j
friends of Marx called Fried¬
rich. This is Bavaria, after alL
Adrian P Hewitt.
deputy director.
Overseas Development Institute,
Regent’s College,
Inner Circle ,
Regent's Park,
London NE1 4NS
put this year after a 2.4 per
cent fall last year”. A week ago
Dun & Brads treet reported that
company failures in the first
six months of this year rose to
30,722, 33 per cent up on the
same period in 1991. Are any of
the managers of these compa¬
nies questioned about their
“confidence”?
Many members of this union
who have lost their jobs this
year treat these management
surveys with derision, and
rightly so. They appear to be
more concerned with giving
aid and comfort to a failed gov¬
ernment rather than reveal the
truth about the economy.
If one can give any credence
to the IoD survey, then the fact
that “confidence" has contin¬
ued to fall among manufactur¬
ing and distribution companies
should ring the alarm bells.
More jobs arc going to be lost
in this vital sector in the
months to come - and that is
going to make it even more
difficult for Britain to emerge
from recession through a man¬
ufacturing industry sector
recovery.
Roger Lyons.
general secretary,
MSF,
Park House,
64-66 Wandsworth Common,
North Side.
London SW18 2SH
Real interest rates and the
exchange rate connection
From Mr John Calverley.
Sir, Samuel Brittan’s sugges¬
tion (Economic Viewpoint,
July 2) that world real interest
rates remain stuck at about 4
per cent judging by the yield
on UK indexed bonds is incor¬
rect because it ignores the
effect of exchange rates. The
experience of floating
exchange rates in the last 20
years supports tbe theory that
world real interest rates are
not in fact equalised by tbe
markets, but can be higher (or
lower) in one country if the
exchange rate is perceived to
be overvalued (or underval¬
ued). In effect, international
investors demand compensa¬
tion for the exchange rate’s
expected movement. Thus we
can only deduce the level of
“world” real interest rates
from the yield on UK indexed
gilts by guessing at how much
the markets believe tbe pound
is overvalued.
The test of this theory will
be if the US Treasury begins to
offer index-linked stock as is
reportedly under consider¬
ation. If the US dollar is cur¬
rently around 10 per cent
undervalued against the
pound, then US index-linked
stock should yield around 3 per
cent, allowing the interna¬
tional investor to expect the
same return on US Treasuries
as on gilts over a 10-year
period given the likely
exchange rate correction. (The
indexation element will cover
any exchange rate moves due
to any future differential
between US and UK inflation.)
This would imply that
“world" real interest rates are
somewhere between l per cent
and 4 per cent. My guess is
that the markets may believe
the pound to be more than 10
per cent overvalued, which
points to world real interest
rates being around 3 per cent.
This would support Samuel
Brittan’s view, and mine, that
the world is not suffering any
shortage of capital at present.
John Calverley.
deputy chief economist
global economics unit.
American Express Bank,
60 Buckingham Palace Road,
London SWIW ORU
From Mr G R Steele.
Sir. Re Samuel Brittan (July
2), it is not that worldwide pub¬
lic sector deficits provide
“some cushion” to the recess¬
ionary impact of high savings.
Rather, it is those deficits
which absorb high savings to
keep interest rates too high for
an investment-led recovery to
be possible.
G R Steele,
lecturer in economics.
The Management School,
Lancaster University
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FINANCIAL TIMES
Wednesday July 8 1992
Negotiations break down over Cross-Pacific semiconductor agreement
Sanyo files lawsuits against TI
THE LEX COLUMN
Never mind the
By Steven Butler In Tokyo
SANYO ELECTRIC, the Japanese
electronics company, has filed
anti-trust and breach of contract
suits in the US against Texas
Instruments, the US semiconduc¬
tor maker, in an increasingly bit¬
ter dispute which has followed
the breakdown of year-long nego¬
tiations over a semiconductor
cross licence agreement.
Sanyo also launched a vituper¬
ative attack against TL accusing
it of negotiating in bad Faith and
attempting to “coerce'1 Sanyo
into “paying for a patent that we
neither want nor need”.
The dispute is the most bitter
yet in a series of cross -Pacific
patent disagreements involving
hundreds of millions of dollars of
royalty payments. Tl and other
US companies have been increas¬
ingly aggressive in seeking to
enforce patent rights in the
courts.
Mr Hiroshi Yoshie. Sanyo man¬
aging director, said: “We are
extremely disappointed with TTs
behaviour in this matter, not
only with regard to their attempt
to use their asserted market
leverage ... to coerce our compa¬
ny .. . but in the total lack of
integrity which they demon¬
strated in our negotiations."
Tl bad no immediate comment
on the substance of Sanyo's alle¬
gations. However, Mr Norman
Neureiter. vice president of TI
Asia, said in Tokyo: “We ques¬
tion whether Sanyo's cause is
really being well-served by such
intemperate and one might even
say. nasty, language.”
TI filed a patent infringement
suit against Sanyo on June 26,
and sought a declaratory judg¬
ment from the court that the con¬
duct of the company's negotia¬
tions with Sanyo did not
constitute a misuse of patents or
an anti-trust violation.
Sanyo, for its part, said in a
complaint filed at the US district
court in California that it wished
to sign an agreement excluding
TI's Kilby patent - named after
the Inventor of the semiconduo
tor. Mr Jack Kilby - which cov¬
ered basic semiconductor tech¬
nology in Japan. However,
according to Sanyo. TI would
agree to this only by charging an
“exorbitant multi-million dollar
penalty payment for the "privi¬
lege' of excluding the Kil¬
by... patent1*. Sanyo says this
constitutes an abuse of monopoly
power which violates US anti¬
trust law. It is seeking treble
damages under US law and
injunctive relief.
TI believes the broadly-worded
Kilby patent applies to all semi¬
conductor devices produced In
Japan. Sanyo, however, says the
Kilby patent “covers an outdated
technology that is not valuable to
Sanyo because it is not a practi¬
cal competitively viable design
for products that will compete in
today's semiconductor market".
Sanyo warned TI in April that
it would take legal action bat on
June 24 said it would hold back
Withholding tax agreement
advances German reforms
By Christopher Partes In Bonn
GERMANY’S taxation reform
programme has advanced further
with agreement on a scheme for
a 30 per cent withholding tax on
investment income, to take effect
at the start of next year.
Interbank dealings and inves¬
tors classed as non-residents for
tax purposes will be exempt from
the new charges.
The new levy. 5 percentage
points higher than that originally
proposed by the government last
November, will be deducted at
source from all investment earn¬
ings of more than DM6,000
(83.950) a year for individuals and
DM12.000 for couples. Earnings in
excess of the tax-free allowances
from bonds and securities traded
over the counter will be taxed at
35 per cent
The new scheme is the succes¬
sor to an ill-fated 10 per cent flat
rate levy, imposed in 1987 and
promptly withdrawn when an
estimated DMSObn poured out of
the country.
The deal was worked out on
Monday night by a parliamentary
arbitration committee which was
asked to mediate when the origi¬
nal proposal was rejected by the
opposition-dominated Bundesrat.
the upper house of parliament.
The BVR co-operative savings
banks association welcomed the
deal, claiming that the allow¬
ances would mean that 80 per
cent of savers would pay no tax
on their interest income.
The current system, which is
dependent on voluntary declara¬
tion, had to be changed when it
was declared unconstitutional by
the courts last June.
At present all investment
income above DM600 for individ¬
uals and DM1,200 for couples is
notlonally subject to a 25 per cent
charge. However, avoidance is
widespread. The agreement rep¬
resents the results of a year's
efforts to meet the requirements
of the constitutional court min¬
imise the impact on small savers,
and at the same time prevent
capital flight.
The compromise also marks
another step in Bonn's efforts to
shuffle the components of the tax
system to allow it to divert more
funds from the west into the col¬
lapsed east German economy.
The breakthrough came in Feb¬
ruary when the government man¬
oeuvred through an increase in
value added tax from 14 to 15 per
cent, effective next January 1,
together with higher thresholds
for company property tax and
trade profits tax.
The VAT deal was expected to
yield an extra DM33bn for the
east over the next three years.
Monday night’s compromise will
produce an estimated DM12bn a
year, a sum which has also been
committed to the five new federal
states for 1993 and 1994.
Mr Theo Waigel finance minis¬
ter, said banking secrecy rules
would remain intact because the
Social Democrat opposition had
given up its earlier demands that
investment holdings should be
subject to spot checks to prevent
cheating.
The shoe fits: Stephen Rubin. Pentland’s executive chairman
was mooted last week, it is a very
good price."
The deal is also a watershed for
Mr Tapie, who was recently
forced to resign after only seven
weeks in the French cabinet
because of his involvement in a
fraud case. Mr Tapie has been
struggling to repay the debts he
took on to buy Adidas in a
FFrl-Bbn deal two years ago.
Pentland has agreed to pay
DM621m in cash for BTFs 58 per
cent stake in BTF GmbH and also
to buy out the other minority
investors, including Credit Lyon¬
nais, the French bank.
The vendors may also elect to
take equity In place of cash,
which, if fully subscribed, would
result in a cash payment of
DM553 .Sm, and the issue of 23.2m
shares, about 6 per cent of Pen-
Hand's existing equity.
Mr Farrant said the purchase
would have a largely neutral
effect on Pentland's earnings,
although it would leave the com¬
pany about 60 per cent geared.
He said the deal was conditional
on bankers to Adidas agreeing to
provide facilities in excess of its
DM600m debt. Adidas recently
reported a fall in net profits from
DM90m to DM44 m for 1991 on
sales of DM3.3bn. Pentland's
shares rose by 14p to 144p in Lon¬
don after yesterday’s announce¬
ment
French truckers accept outline accord
Continued from Page 1 _
long distances they have to drive.
One-man subcontractors, who
make up nearly 40 per cent of
French haulage companies, have
suffered from a sharp fall in rates
since prices were freed in 1986,
which has put pressure on them
to drive longer and faster.
Unostra, the subcontractors’
organisation, said Mr Pierre Bere¬
govoy, the prime minister, had
promised to reintroduce fixed
minimum rates for subcontrac¬
tors: The group said it would call
its men back to work once the
government had confirmed “the
installation, as soon as possible,
of subcontracting rates that
enable carriers to cover costs."
The FNTR said this was “only
the opening of negotiations."
The other main aspects of the
eight-point deal are: to review
working hours, with a view to
paying more for total hours
worked rather than just time
spent at the wheel; to consider
adjusting the application of the
points system to truckers; to
oblige employers to find other
jobs for banned drivers; to pay
for driving lessons for banned
truckers; and to ban bonuses
likely to reward unsafe driving.
pending a further meeting with
the US company.
According to Sanyo. Tl agreed
to meet on July 26, but then filed
suit against Sanyo in a Texas
court on June 26. “TI deliberately
deceived Sanyo in order to lure
Sanyo into not seeking judicial
relief from TI's anti-trust viola¬
tions and related conduct, in an
effort to obtain some tactical liti¬
gation or negotiation advantage.*’
Sanyo said.
Sanyo says this violated con¬
tractual provisions in the former
cross-licence agreement requiring
TI to negotiate in good faith.
TI and Fujitsu, the Japanese
computer company, are currently
seeking a determination by the
Japanese court as to whether TTs
Kilby patent applies to products
made by Fujitsu. The two compa¬
nies nonetheless reached agree¬
ment on other patent licences.
TI has reached semiconductor
cross-licence agreements, cover¬
ing the Kilby patent, with 14
other Japanese companies.
KIO’s main
Spanish unit
‘in danger
of default’
By Tom Bums and Peter
Bruce in Madrid and
Tracy Corrigan In London
THE KUWAIT Investment
Office's main Spanish bolding
company, Torres, is In danger of
defaulting on a £lQ0m ($192m)
convertible bond, should Torras’
large chemicals affiliate, Ercros,
press ahead with its decision last
week to file for protection from
its creditors.
The £100m Eurobond, issued in
1988 by Phoenix International is
guaranteed by Torras, which
owns 40 per cent of Ercros.
According to the offer docu¬
ment that accompanied the bond
issue In 1988, Ercros is a "princi¬
pal associate" and the offer stipu¬
lates that any such company
which is unable to pay its debts
or suffers the appointment of a
liquidator or receiver, could trig¬
ger a default on the bond.
“If Ercros files for protection, it
could well trigger an event of .
default,” said Mr David Norris, a
director of the Law Debenture
Trust Corporation, the trustee of
the bonds.
The trustee, however, would
then have to evaluate whether
the event of default was prejudi¬
cial to bondholders, according to
Mr Norris, before asking for the
bonds to be repaid.
It could be decided that. If
Ercros files for protection, Torras
itself will be in a stronger finan¬
cial position as a result, which
would in turn benefit the holders
whose bonds are guaranteed by
Torras.
Some bondholders have
already contacted the trustee in
order to discover the status of the
bonds. The trustee Is In commu¬
nication with Torras, in an effort
to clarify the situation.
An investment banker who was
close to the Phoenix bond issue
said a default on the security
could have a “significant effect"
on Kuwait's status as a borrower.
Last year. KIO launched a SSJjbn
jumbo bank loan to help rebuild
Kuwait after the Gulf War.
By late last night, Ercros,
which owes $2.15bn to banks and
suppliers, had still not made its
announced filing. Company
sources said this was because
paperwork had not been prepared
but the Phoenix bond clause may
also have complicated the proce¬
dure. Lawyers for Torras in Bar¬
celona refused to comment on
the Phoenix bond.
Other sources close to Torras
suggested that the suspension
would go ahead as planned in the
□ear future.
“KIO have put themselves into
a comer and they are compound¬
ing their problem,” a former
senior executive of Torras said.
“Torras* new management had
been made aware of the small
print in the Phoenix offering but
they did not want to listen."
Torras' 1990 accounts show
that the group made a provision
of S30m to cover guarantees made
on the bond.
Ercros, which employs 10.500
people in chemicals, mining, fer¬
tiliser and explosives, owes banks
and suppliers more than $lbn,
half of which matures this year.
World
Boulogne
S
■c
21
T
70
FraiUdurt
C
*C
17
■F
63
Milorea
F
■G
26
T
79
Oporto
S
•c
V
T
81
TMMU
S
■c
24
T
75
UlnaHiar
Brussels
F
Z!
70
Geneva
c
13
66
Malaga
3
24
75
Oslo
B
24
78
Tokyo
F
27
81
SM
■c
"F
Budapest
F
23
73
Gibraltar
s
23
73
Malta
3
77
at
Pan#
F
21
70
Taranto 7
S
18
81
Awodo
9
H
73
Buenos A. rex
F
10
SO
Glasgow
F
22
72
Manila
F
34
94
Prague
C
IS
99
Tunis
e
28
78
Algiers
F
26
78
Cairo
-
-
Helsinki
C
l«
57
Melbourne
F
13
ss
RevKiavft
C
8
48
Valencia
s
25
77
Amsterdam
3
20
n
Cape Town
C
W
ST
Hong Kong
-
-
Mexico Oty
C
27
80
Rhodes
s
31
88
Venice
G
22
72
AiMni
5
JO
86
Caracas
s
30
M
Innsbmck
c
21
70
Miami r
S
28
82
RIo (T Janeiro
R
26
77
Vienna
3
22
72
3
37
93
Casablanca 1
F
a
73
In we mesa
F
18
W
Milan
F
S3
73
Rome
e
23
73
Warner
S
18
as
F
M
S3
CtilcB0d r
F
IS
8*
Islamabad
F
39
1«
Montreal t
C
15
SB
Sell burg
c
17
63
Washington »
s
30
M
Barcelona
S
24
73
Cologne
3
2D
68
Istanbul
3
27
81
Moscow
C
13
a
S'Franetiee t
c
16
81
Zurich
F
21
70
Bailing
S
13
91
Copenhagen
S
24
75
Jakarta
C
33
91
Munich
c
IB
81
Seoul
F
84
Temperatures at mMday
Beirut
s
26
B3
Gorki
S
31
88
Johannesburg
S
16
81
Nabob*
F
22
72
Singapore
F
33
90
yesterday
BeJfaal
F
IB
H
Dallas t
9
23
73
USOon
S
29
TT
Naples
C
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77
Stockholm
F
IB
84
T Noon GMT wmparaturai
Betgrada
3
2?
81
Dublin
F
20
88
London
C
19
66
Nassau
c
33
*1
Strasbourg
C
17
83
C-CMudv Dr-Orlole
Benin
F
21
70
Oubrwuk
-
-
Los Angeles f
F
21
70
NOW 08*11
-
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Sydney
s
IB''
81
F-Falr Fg-
Fog H
-Hal
BUtnu
F
20
68
Edinburgh
F
23
73
Luxembourg
C
18
04
New York 1
9
20
68
Taipei
c
30
88
H— Ram S-
Sunny
Bom wy
C
J!
M
Faro
S
ZS
77
Madeira
F
21
70
Mee
F
22
77
Tangier
c
23
73
Sl-SWet Sn
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Bordeaux
f
M
73
Florence
9
23
73
Madrid
F
24
75
Ntcosio
S
32
90
Tel Aviv
s
30
88
T -Thunder
Yesterday's events in the UK new
Issue market suggest two things: that
retail interest in notations is officially
dead and that nobody minds very
much. On the one hand, the retail half
of Anglian Group's offering was only 6
per cent taken up by . the public On
the other. Taunton Cider was placed
and underwritten close to the price
originally planned, suggesting that the
institutions accept there is no longer
any point in cutting the price to lure
the public in.
It may be that the public is being
perfectly rational here. The old-style
Dotation, which fixed the price and
then knocked 10 per cent off to get it
away, was grossly biased against the
vendor. The new book-building
method aims at a true market price.
But if the stags have grasped that,
there seems no point in offering half
the issue to the public at all The
result is to leave the public's half with
the underwriters, so that the issue is
labelled a flop and suffers accordingly
in the after-market. In fad the institu¬
tions may simply be underwriting
stock as a means of getting a discount
on stock they want to hold anyway.
For public offerings to go out of
fashion would have its ironic aspect.
The book-building process was intro¬
duced to the UK by the government as
a means of controlling the bribe
offered to tbe public in privatisations.
In teaching the market how to price
issues correctly, the government may
have dealt a blow to Its own cause of
wider share ownership.
British Aerospace
At yesterday's intra-day low of 208p,
British Aerospace was doym 45 per
cent in just six weeks. That seems
overdone. Even after second thoughts
pushed the shares back up to 231p
yesterday afternoon, the price scarcely
reflects the fundamentals.
BAe bas long been vulnerable to
negative speculation: witness last
year’s exaggerated alarm about its
cash position. Now it is under attack
bn three fronts: worries about the
European Fighter Aircraft; concern
about its loss-making regional jet busi¬
ness; and dividend uncertainty. EFA
has the highest profile but is arguably
the least of these concerns. Even if the
project were scrapped BAe’s profits
would be unaffected until 1996 or 1997.
By contrast, the regional jet busi¬
ness is a running sore receiving
urgent attention from Mr John Cahill
BAe’s new chairman. Closure would
be an expensive option with costs run-
Brltish Aerospace
,V Mb,-. 1992
te$^'FrpwM8rj> -*•
ning to well over £500in, including pro¬
vision for uncovered : lease commit¬
ments valued in the accounts at
£348m. That would push the company
into a hefty loss this year. The
chances of a full disposal are remote,
but Mr Cahill may yet clinch a joint
venture. That would be less painful
than closure, but the immediate cash
impact of a shutdown would be less
serious than it looks, since the leases
could be unwound over a long period.
A separate sale of the corporate jet
business could yield over £200m.
The prospect of a further loss in 1992
raises questions about the dividend, ,
biit it is premature to regard the pay¬
out as doomed. Unlike BP's, BAe’s div¬
idend costs a mere £I05m. Halving it
would shave only 2 percentage points
off gearing. And unlike British Steel,
it can claim scope for vigorous earn¬
ings recovery once the regional jet
problem is out of the way. .
National Grid '
Shares in the UK regional electricity
companies bounced back yesterday in
relief at-the regulator's new price for¬
mula for National Grid. But while RPI
minus 3 is indeed more benign than
the regime daridy 'rumoured in the
market last week, Offer’s Professor
Stephen Littlechild is hardly a- soft
touch. Even with minus 3, the.;, grid
will only be able to achieve real earn¬
ings growth provided it finds addi¬
tional savings of 2 per cent on top of
those already identified. No doubt
there is a bit more up its' sleeve, but it
is worth remembering that half oper¬
ating costs are outside its controL
The other issue is what the profes¬
sor has in mind for the Rees come
1995. National Grid’s new formula
.implies a target rate of return of
around 5J8 per cent mi fixed assets,
which compares starkly with the Rees’"
current range of S.5-9.Q per cent. The
clear message is to enjoy the real divi¬
dend increases while they last-
Sterling-' ■ ’ ' V
Sterling has yet to breach its narrow
band limit against the D-Mark; but it
was already below it against the Bel¬
gian Franc yesterday afternoon. It is
difficult to see how the authorities can
respond if the market persists. Inter¬
vention would do little in the face of
disbelief that the chancellor would fol¬
low Italy's example and raise interest
rates. He may thus have no choice but
let sterling find its own level much
closer to its wide band floor. That was
what happened before the election, but
.the government was less reliant then
on overseas funding of the PSBIL For
now, the gilts market may be under¬
pinned by the fact the hedging cost in
D-Marks is rirtually zero. How long
that will last is another matter.
Yesterday's annual report and
accounts from 3i reads like the path¬
finder prospectus that never was. The
flotation may wisely have been post- j
poned until next year, but by breaking
down the main investments and dis-.
closing its valuation policy for the
first time 3i is dearly signalling that
the roadshow has begun.
There is room to ponder the trans¬
formation from the mission-driven
business of the last 40 years to the
more fully commercial organisation
which 3i_wiU inevitably become. In
particular, will the company’s proven
long-termism be compatible with the
demands of ordinary shareholders?
Moreover, 3i should not be allowed to
get away with claiming the accounting
moral high ground just because com¬
petitors are less open. The allocation
of half the investment division’s oper¬
ating costs to an- investment realisa¬
tion reserve, for instance, is primarily
designed to secure a better yield. As
for the valuation issue, an admittedly
very conservative policy is simply
coming into line with less conserva¬
tive market thinking!
That said, the results underline the
enormous strength of 3i's portfolio and
Its dominant market position. When
they do arrive, the shares will be writ
worth buying on a discount to net
assets at anything over 20 per cent.
mm
Most people know a bargain
when they see one.
Elonex has a proven crack
record for supplying its reliable
and cost-effective personal
computers and workstations
to all market sectors.
Our regular customers have
long be irefitted from dealing
directly with us, a relationship
further enhanced by our
professional after-sales
Technical Support and our
unrivalled expertise in
networking PCs together. •"
Now for £795 (exc VAT), the
Elonex P C-3 25 X . brings high
performance 32-bit computing
to even more people - ail in
an incredibly small case,
complete with a 50MB hard
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monitor, 2MB RAM, keyboard,
mouse, MS-DOS 5 and
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Tel- 081-452 4444
- Fax: 081-452 6422 - —
Elonex Pic. 2 Aprity Way. London NW2 7LF
Tel (0274) 307226
— - Fax: (0274) 307M4 - —
Elonex Pic. 7-9 Campus Road.
Lteerhilts Science Pirk. Bradford BD7 I HR
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15
■'j
intrum fjs justitia
Europe's Leading Debt Collect Jon'
and Credit Management Group
Tel. Marketing Dept. *31 20 671 11 16
INKASSO FOR EUROPE
FINANCIAL TIMES
brother
TYPEWRITERS
WORD PROCESSORS PRINTERS
COMPUTERS COLOUR COPIERS ■ FAX
©THE FINANCIAL TIMES LIMITED 1992
Wednesday July 8 1992
->-5:
ao.
INSIDE
Mobil expects $80iit
gain from disposal .
Mobil, the US oil and gas group, yesterday '
said it expected an $80m' third-quarter gain on .
the sale of its polystyrene resin business to
BASF ol Germany. In the 1991 third quarter the
group earned $365m,.or 87 cents a share, on
revenues ol Sl5bn. Page 18 - r
Safeway earnings fall •
Safeway, the US supermarket group, yesterday
reported a 6.5 per cent fall in second-quarter \
net earnings, reflecting the tough. competition
in US food retailing and the pressures of a .
sluggish economy. Net income was $33. 3m on
sales 2 per cent lower at $3.5bn.. Page '18 '• -
Oil rich and cash poor
Turkmenistan's untapped oil and gas render.it
potentially richer than Qatar. Yet the 4m peo- /
pie of this Central Asian backwater are broke,1
The CIS era has ushered in curious business
opportunities and difficulties for a still largely
feudal country run along authoritarian lines.
Page 24
Cellnet boosts Securicor
A sharp recovery from the Cellnet mobile tele¬
phone system during the half year to end of
March increased pre-tax profits' at Securicor
Group and its sister company Security Ser- .
vices by more than 90 per cent Mr Roger
Wiggs, chief executive of Securicor. and Mr
Christopher Shirtclifie. group finance director
(pictured above), said Cellnet's result was
based on the popularity of its new call-back
message system. Page 21
Howden pre-tax profits rise
Howden Group, the Glasgow-based engineer,
lifted pre-tax profits from £2.99m to £l8.1m
($34.7m) in the year to April .30 after a sharp
reduction in exceptional provisions relating to
its troubled Danish contract . Page 22
Market Statistics
£§|
Base lending rates
32
Uffe equity options
20
Benchmark Govt bonds
20
London tcadtt. options .
. 20
FT-A Indices
25
Managed fund sendee
28-32
FT-A world Indices Back Page
Money markets
32
FTflSMA irt bend sve '
- 20
New Int bond issues
20
Financial futures
£2
World commodity pices
»
Foreign exchanges
32
WOrW stock mkt indteas
33
London recent issues
20
UK dividends announced
22
,";i , ;
London share service
25-27
Companies In this issue
/
3i
Aberdeen Steak
Adidas
Anglian Group
Assoc British Eng
3TF
Bimec Industries
British Airways
Brown (N)
Cap-Gemini-Sogeti
Cementos Mexicanc
China Merchants
Colefax and Fowler
Colorgraphic
Control Techniques
Creighton's
Enterprise Oil
Evans ot Leeds
France T6l6com
Georgia-Pacific
Gresham Telecomp
Hai Hong Holdings .
Hif/sdown
Howden
Japan Airlines
Lehndorff
Lucas Bois
M&W
21, 16
MT Group
22
22
McDonneHf Douglas
18.
1.15
Millioom
16
15
Mlskin
22
22
Mobil
18
15
dee-van dor Grfnten
' 18
22
Oceonics
22
15
Opel " .
18
8
PSP
22
IS
Pentland
1. 15
is 18
RPH
22
19
Real Time Control
22
22
Reed International
22
22
Royal -Construction
19
22
SEP Industrial
22.8
22
Safeway
18
8
Saks Fifth Avenue
18
22
Sanyo.
14
15
Securicor
21
18
Securiguard
22
22
Security Services
21
19
Seeboard
21
21
Sema Group
15
22
Taunton
15
19
Time Warner
: is
18
USAir
15
16
Wellcome
22
22
Yorkshire Elect
21
Chief price changes yesterday
FRANKFURT (DM)
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Ltffhea <75
SdwVnj 732.4
Unotypt-Hea 4t
Varta 33
NEW YORK (SI
Ogilal Equip.
Fans
GttWhPacft 55
Knrteit Patkrd 53
Inn. Papa 65
Lutsera Psc 41
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PARES (FFr)
Rtaws
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3348
676
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144
151
340
300
347
423
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fiamrt (Soc N)
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Falls
BNP Can tov
346
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74
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65
Coparex
566
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44
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met#
323.1
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119
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RadMedm
505
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TOKYO (Yen)
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Rites
BoeoMS fat
371
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Sw-KsedAiwy
560
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825
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bran
1540
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190
Lee
21
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+
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Sara Food Sys
1020
100
Coteta
43
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150
CMJWifi
41
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+
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173
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Homan
54
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need Exec
58
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Saw**
108
-
11
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5 >2
TjytorUftnffiDN
80
-
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Victere
135 :
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6
British Airways discusses partnership with USAir
; By Paul Betts in London and NBdtl
Taft in Naw York - -
NEGOTIATIONS between British
Airways and USAir to form a
transatlantic airline partnership
v appear to be nearing a conclu-
stoiLairUne industry officials said
yesterday.
If successful, a deal would
: achieve BA's long-term n*m of
' Unking with a large US carrier to
strengthen international competi¬
tiveness and increase penetration
of the US market.
If completed, the two partners
are expected to consider acquir¬
ing assets from Trans World Air¬
lines, the bankrupt US carrier
owned by Mr Carl Icahn.
Both BA and USAir declined to
comment yesterday, but sources
in' the US suggested that the two
airlines had been due to meet
ahead of the July 4 holiday week¬
end and decide whether to pro¬
ceed with negotiations.
Since then, the talks are under¬
stood to have continued. Other
European airline industry
sources suggested yesterday that
a deal could be imminent.
Questions about the proposed
link-up with USAir are expected
to be raised by BA shareholders
at the UK airline's annual meet¬
ing on Tuesday.
TWA confirmed last week that
it was discussing an important
sale of assets ro USAir. But it
appears that both BA and USAir
are seeking to complete a deal
between them before considering
the purchase of TWA assets.
Analysts believe USAir is seek¬
ing a substantial capital injection
from BA as part of any deal, to
help reduce Its S2bn debts.
BA, which reported a pre-tax
profit of £285m for the year end¬
ing March 1993. has long sought
to invest in an .American carrier.
It came close to a deal with
United Airlines three years ago.
The apparent progress in the
talks with USAir may have been
influenced by proposed changes
in US aviation policy to allow
more “open skies" for foreign car¬
riers within the US.
USAir. the sixth-largest US
domestic carrier in terms of reve¬
nue passenger miles flown,
recently said it had two interna¬
tional marketing objectives: to
continue to add international ser¬
vice from its US hubs and to
develop strong partnerships with
international carriers.
The carrier has made after-tax
losses of about S760ra during the
past two years. However, there
have been management changes
and attempts to cut costs.
A partnership with USAir
would give BA a US feed into its
international routes. One attrac¬
tion of USAir is its strong domes¬
tic network, fix-used in the east¬
ern US where most European
travel originates. BA would also
gain wider access in the US if the
two airlines were to conclude an
asset purchase deal with TWA.
Peggy Hollinger and Alice Rawsthorn outline Adidas’ new footing
Tapie hands on baton to Pentland
E STEPHEN Rubin,
chairman of Pentland,
says he has spent a
. lifetime trying to get out of
shoes. Yesterday's announcement
that his company had finally won.
control of Adidas means it is
unlikely that he will ever achieve
. -.that ambition.
The' purchase represents ah
opportunity to achieve Pentland’s
other long-held ambition of own¬
ing one of the world's best-known
brand names, whkh also.happens
to be in shoes.'
Pentland set it sights on Adi¬
das last summer, when it bought
a 20 per cent stake from Mr Bern¬
ard Tapie, the flamboyant French
businessman who paid FFrLSbn
($3l8m) tor the sporting goods
group in a highly leveraged deal
in 1990.
‘ Pentland also negotiated the
pre-emptive rights over any bid
for Adidas which have proved to
be the company's ace, , following
weeks of speculation over a possi¬
ble management buy-out
Pentland - with roots in Mr
Rubin’s family business, the
Liverpool Shoe Company - shot
to fame with its transformation
of a less-making sports shoe man¬
ufacturer, Reebok. In only 10
years, holding a 55 per cent
stake, Pentland transformed Ree¬
bok into an international group
with- annual turnover of^Slbn
(£52Qm).
. By the late 1980s, however, it .
became apparent that Reebok
had outgrown -its majority share¬
holder. A small setback for Ree-
bok’s profits was able to knock a
disproportionately large hole in
Pentland’s return.
By 1990, Fentland’s stake, origi¬
nally. bought tor only $77,500, had
fallen to 31.6 per cent. That
investment yielded a total profit
of $777in, with the last sale of
Reebok shares at $27 last year.
Reebok yesterday traded at $k%.
With the proceeds of the Ree¬
bok. investment, Pentland has
built a group which owns the
worldwide fights to Speedo swim¬
wear as well as sourcing and lic¬
ensing agreements tor a series of
sports related products. Yet it
has found it difficult to match
the Reebok success-
Adidas, like competitors, has
found life more difficult in recent
years. Mr Frank Farr ant, Pen¬
tland’s finance director, rejected
criticism that, -by buying Adidas,
Pentland is returning to the prob¬
lems it had with a rapidly grow¬
ing Reebok.
“Pentland is much bigger now
in its own right," he said. “We
have had the experience of build¬
ing up Reebok and we have more
financial muscle.”
Nevertheless, the sports shoe
market of the 1990s is very differ¬
ent from that of the fitness-mad
1980s.
The US and Europe are the
focus of fierce competition by
players such as Nike and Reebok.
Pentland also makes no secret of
the fact that Adidas has suffered
setbacks in Germany, where Nike
and Reebok have squeezed its
share by more than 10 points to
about 40 per cent.
Mr Farrant maintains Adidas
will find opportunities in eastern
Europe. Asia, the Far East and
even the US. Adidas's 3 per cent
share in the US. compared with
28 per cent tor Nike and 23 per
cent for Reebok, is a strength,
not a weakness, he says.
The first task will be to bring
the 1 per cent net margins at
Adidas nearer to the 14 per cent
and 35 per cent achieved by its
main competitors.
Although existing management
has already begun rationalising
Adidas, Mr Farrant said there
was more to do. After the deal is
completed, rationalisation costs
would total less than DM50m
($32m).
Mr Rubin said current manage¬
ment will be left to carry on the
business they know best "All our
successes have been where we
have given management as much
power as possible," he said.
France Telecom in talks with
computing services companies
By Alan Cane In London
FRANCE TELECOM, the
state-owned telecommunications
company, is in talks with two of
Europe’s major computing ser¬
vices companies which could lead
to it taking a stake in either or
both. .
Telecom has relationships with
a number of small computing ser¬
vices companies but has yet to
take a stake in a large group. It
already holds a 17 per cent stake
in Groupe Bull, the state-owned
computer manufacturer.
Serna Group, the Anglo-French
computing services company
quoted in London, confirmed that
it has been discussing a possible
industrial partnership with Tele¬
com in telecommunications.
Serna is anxious to develop its
telecommunications interests,
which at present represent only 7
per cent of its £412L5m turnover.
Serna disclosed that France
Telecom is also having discus¬
sions with Paribas, the French
bank which holds a 39.1 per cent
stake in Serna. The discussions
could lead to Paribas’s sharehold¬
ing being transferred to a new
holding company, jointly held by
the bank and France Telecom, in
which Paribas would be the
majority shareholder. A decision
is expected within a month.
Mr Michel Jalabert, a president
of Cap-Gemini-Sogeti (CGSX the
leading European-owned comput¬
ing services group, confirmed
that it was also talking to Tele¬
com. CGS, he said, had enjoyed a
close relationship with T6I6com
for 25 years but there was, as yet,
no equity involvement Mr Jala¬
bert said the two sets of talks
were linked, but this was fiercely
denied by Serna.
CGS holds a 29 per cent stake
in Serna and cannot increase it
beyond 30 per cent without mak¬
ing a full bid under London Stock
Exchange rules. A Serna spokes¬
person said: "We have an arms-
length relationship with CGS and
there is no question of round¬
table discussions."
Another Serna shareholder.
Schneider SA, with a 10.5 per
cent stake, said it wanted to
reduce Its investment but would
not do so without the consent of
the Sema board.
At one level, the talks are
being seen as a minor adjustment
of shareholdings, rather than a
major reshuffle within the Euro¬
pean computing services indus¬
try. Telecommunications compa¬
nies worldwide, however, are
seeking relationships with com¬
puting companies to broaden
their service offerings.
Public shuns Anglian share offer
By Richard Gourfay in London
ANGLIAN GROUP, the UK
doable glazing company, yester¬
day became the latest victim of
the nervous stock markets when
the public took up only 6 per cent
of shares on offer to it in the
flotation
When the offer closed yester¬
day morning, private investors
had subscribed for only 1.3m of
the 21m shares on offer. The bal¬
ance was left with underwriters
and institutions, who last week
had subscribed to the other 2lm
shares in a placement at 210p.
The failure of Anglian's retail
share sale adds to the pressure
on other companies that joined
the race tor a stock market quo*
tadon soon after the Conserva¬
tives won the UK general election
in ApriL
Last week investors shunned
new shares in The Telegraph
Group, leaving more than three
quarters of the public offer with
underwriters. Shares in the news¬
paper group are expected to
begin trading this morning at a
discount to the 325p at which
they were issued.
Next in the firing line will be
MFI, the discount furniture
group, whose offer closes on Fri¬
day after the offer price was dis¬
counted to 115p last week.
Shares in Wellcome, the phar¬
maceutical company, went on
sale this weds in the largest non-
privatisation offer ever seen in
the London market. The offer
closes on July 24-
Mr Bill Hancock, Anglian’s
chief executive, said he was dis¬
appointed but not surprised by
yesterday's low public interest. “I
suppose it is the expected result
in a very poor market," he said.
“The company has not changed;
the market has. We have
achieved what we set out to do -
we have repaid our borrowings
and we have a listing."
As applications for Anglian's
shares were being counted yes¬
terday, Taunton Cider, the west
country drinks group, was press¬
ing ahead with Its flotation.
The public is being offered
29.1m shares at 140p in an offer
that values Taunton at £153m
(5292m). The same number of
shares were placed yesterday
with a variety of institutions
which also underwrote the public
offer.
At that price, Taunton is val¬
ued at a pro-forma price earnings
multiple of 15.1, a slight discount
to Bulmer Holdings, the other UK
cider company.
Lex, Page 14; Cautions response
to Wellcome. Page 22
Meanwhile, Mr Tapie faces the
task of reconstructing his busi¬
ness armed with the FFrSOOm
profit on his Adidas investment.
Although he has spent the past
few months waxing and waning
over whether to sell Adidas, Mr
Tapie really. had no choice.
The Adidas acquisition was far
bigger than his existing busi¬
nesses and marked a move into
the mainstream for Mr Tapie,
who had previously specialised in
buying up bankrupt companies.
BTF borrowed FFrl.6bn in
short-term loans to do the deal.
The pressure of repaying these
loans has already forced Mr
Tapie to sell almost all his origi¬
nal interests.
After the Adidas sale, BTF will
be left with only two companies
- Testut, a weighing machine
manufacturer which lost FFrtrn
on sales of FFr450m in 1991. and
Scaime, a small industrial com¬
pany, which produced profits
of FFr2m on sales of FFr8Cim.
Both companies are on the mar¬
ket.
Mr Elie Felous, who took over
as BTF’s chairman in April when
Mr Tapie began a short lived
ministerial career, said that, after
selling Testut and Scaime, BTF
should have surplus cash of
about FFrlbn. That will be used
to buy new businesses, although
Mr Felous said it had not yet
been decided how the money
would be invested, or whether Mr
Tapie will return to his role as
chairman.
BTF's investors will probably
have to wait until the autumn to
bear the answers to both ques¬
tions. Mr Tapie and Mr Felous,
like many other French business¬
men, plan to take long summer
breaks.
"July and August are months
for relaxation, not for business
decisions," said Mr Felous in true
Gallic style. “We will leave all
that until the rentnee after the
holiday season."
Japanese
institutions
to receive
Swiss bank
licences
By Ian Rodger in Zurich
THE SWISS government is
prepared to grant banking
licences to up to 10 Japanese
financial institutions by the end
of this year.
Mr Alexis Lautenberg, head of
the financial and economic divi¬
sion in the Swiss foreign minis¬
try, said the government was
also ready to grant a one-year
extension to the 11 other Japa¬
nese-owned non-bank financial
institutions in Switzerland
which want to become banks but
cannot yet qualify.
These decisions successfully
conclude lengthy bilateral nego¬
tiations on financial issues
between Japan and Switzerland.
A Swiss law requires all non-
bank financial institutions to
convert themselves into banks
by the end of this year. The
Swiss threatened to hold back
banking licences unless the Japa¬
nese ministry of finance eased
restrictions on the operations of
Swiss banks in Japan.
In June, Japan's parliament
passed a law enabling foreign
banks in Japan to increase their
ownership of securities subsid¬
iaries from 50 per cent to 100 per
cent
However, the Japanese minis¬
try of finance refused to lift its
limits on Japanese individuals
putting their capital in foreign
banks. “We understand and trust
they will take steps in the
future," Mr Lautenberg said.
For legal reasons, the Japanese
ministry has also been unable to
lift restrictions on securities
companies' participation in
Japan's foreign exchange mar¬
ket.
Japan will now decide to
which financial institutions the
Swiss banking licences should be
allocated.
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FINANCIAL TIMES WEDNESDAY JULY 8 1992
INTERNATIONAL COMPANIES AND FINANCE
3i achieves 3.2%
rise in net asset
value per share
By Richard Gourlay
INVESTORS in Industry (3i).
the UK’s largest venture capi¬
tal group, yesterday reported a
small increase in net asset val¬
ues in spite of the impact of
the recession.
Mr Ewan Macpherson, chief
executive, said the perfor¬
mance of 3i. which invests in
about 4.000 small British com¬
panies. was linked with the
economy, which was “experien¬
cing only patchy signs of eco¬
nomic recovery”.
However, net asset value per
share - the most useful mea¬
sure of the performance of
investment trusts - increased
3.2 per cent to £5.38 tS10-27) in
the year to March. Over the
same period, the FT Ail Share
Index fell 1.8 per cent.
There was an improvement
in economic confidence
between the first and the sec¬
ond half as measured by the
size of investments. In the first
six months the group invested
£141m, while in the second it
invested £2S3m.
Mr Macpherson said the
trend had not been maintained
this year. Last year’s average
monthly investment had been
about £40m to £50m, while dur¬
ing the first three months of
this financial year investment
had fallen to £3Sm to £40m.
As a result of the recession,
the pre-tax revenue surplus fell
from £ 55.99m to £40.Q8m on
total revenue down from
£263.12m to £231£8m. The divi¬
dend is increased from 10.43p
to 10.9p.
Further steps were also
taken by 3i to improve the
understanding of the group
among investing institutions
before its flotation. Last month
3i, and its chief shareholders,
the main UK clearing banks,
postponed the group's flotation
because of the slowness of the
economic recovery and the
condition of the London stock
market.
“People know what 3i does,"
said Mr Macpherson. “What is
not known is the quality of 3i
as an investment."
As part of this campaign, 3i
has disclosed a changed valua¬
tion policy for the investments
in its portfolios after a review
showed it was consistently
realising more on the disposals
than the book values of its
investments. Two changes in
accounting policy led to an
increase in net asset values of
£32m. Total net assets rose to
£1.27bn (£1.22bn).
New accounts. Page 24
Growth rate slows for
Oce-van der Grinten
By Ronald van do Krol
in Amsterdam
OCE-VAN der Grinten. the
Dutch maker of photocopiers,
design engineering plotters
and office systems, said sec¬
ond-quarter net profit rose by 6
per cent to FI 30.1m ($17.7m) on
sales up 9 per cent at FI 696.1m.
The rate of growth is slower
than the first quarter, when
both net profit and sales posted
gains of 11 per cent Overall,
net profit in the first half rose
by 8 per cent to FI 51.2m, while
turnover increased by 10 per
cent to FI 1.35bn. More than
half of the rate of increase in
sales was due to the acquisi¬
tion in 1991 of Binning, a US
maker of design engineering
equipment
Operating profit in the first
six months to May 31 fell by 11
per cent to FI 74.6m. However,
income from leasing office
equipment nearly doubled,
surging to FI 33.8m from
FI 19.7m. If leases are included,
overall operating profit rose by
4 per cent to FI 108m, or at
about half the rate of net
profit
Financing charges were 12
per cent higher at FI 38.8m. but
taxes were substantially lower,
falling by 15 per cent to
FI 18.6m. The company's fiscal
year ends on November 30.
Millicom
plans $70m
private
placing
By Michiyo Nakamoto
MILLICOM International
Cellular (MIC), a cellular
phone operator based in Lux¬
embourg. is launching a pri-
I vate placement In the UK and
US prior to listing on the Lux¬
embourg stock exchange.
The company aims to raise
$70m through the placement
which is expected to increase
shareholders' equity to $165m
from about 850m.
The funds will go mainly
towards strengthening Its cap¬
ital base. It is eyeing a number
of Important licences which
are expected to be granted
over the next few years.
MIC is a joint venture
formed in 1990 between Kinne¬
vik, a Swedish industrial hold¬
ing company with interests In
telecom mu uicatioos, broad- ;
Bwting and timber, and Milli¬
com of the US. a New York-
based telecommunications
group which was a minority
shareholder in Vodafone
before being bought ont by
RacaL Kinnevik owns 48 per
cent and Millicom has a 50 per
cent holding while the man¬
agement control the rest
The placing, at between $9
and $11 per share, will be for
14 per cent of the company's
shares, or about 7m shares,
reducing the holdings of Kin¬
nevik to just under 43 per emit
and of Millicom to approxi¬
mately 41 per cent, with the
remainder to be retained by
the management
Bols doubles
stake in Williams
& Humbert
By Ronald van do Krol
LUCAS Bols, the Dutch liqueur
and wine group, said yester¬
day that it has doubled its
stake in williams & Humbert
the producer of Dry Sack
sherry, to 90 per cent
It purchased an additional
45 per cent stake in the com¬
pany for an undisclosed sum
from Antonio Barbadillo SA of
Spain, from which the Dutch
company acquired its initial
shareholding in 199L
Cementos Mexicanos details bid for Spanish cement maker
By Peter Bruce in Madrid,
Damian Fraser in Mexico CHy
and Karen Fowll In Oslo
CEMENTOS Mexicanos yesterday
released details of Its agreed bid for
Valendana de Cementos, Spain's larg¬
est cement producer. The company is
paying 5L25bn for a 75.1 per cent stake
after acquiring a 24.1 of Valenciana's
treasury stock for $42 0m on Monday.
Valendana, controlled by the Serra-
tosa family, was paid Ptal4,850 a share
for its treasury stock and Cemex Is to
make tts bid for the rest of Hie com¬
pany at Ptal5,075 a share.
The Spanish company, which has
about 15 per cent of the Spanish mar¬
ket, reported a turnover of Pta63.7bn
(8665m) last year, to make net consoli¬
dated profits of PtalO^bn.
Aker, the diversified Norwegian
industrial group, will receive NKrl-3bn
(8219m) in cash through the takeover,
netting it a NKr300m profit This arises
through the disposal of the 13 per cent
stake acquired daring a series of deals
aimed at strengthening its interna¬
tional presence in the cement business.
It began accumulating the holding in
1984.
Euroc, a Swedish cement producer,
which also has a 13 per cent stake will
suffer a SKrl40m ($25.6m) loss, having
acquired its stake in 1990 at a price
considerably above that paid by Aker.
It will also incur holding costs for the
frtinnr.ing of the purchase also mnHp as
part of an international expansion
plan.
The two companies in 1990 trans¬
ferred their shareholding to Scancem, a
joint venture. Last April, the compa¬
nies bought back their shareholdings,
yielding Aker a total profit on the
Spanish investment’ of NKr680m.
The deal will put Cemex, the world’s
fourth-largest cement producer, in
direct competition In Europe with its
twain North American rival. Holder-
bank of Switzerland, which controls
Spain’s fourth-largest producer, His-
alba.
ft wfll more double the Mexican
group's debt, to around $2Abn. giving
it a debt equity ratio of around 100 per
cent US analysts were concerned about
THE pace of takeover
activity in Europe’s
troubled cement sector
shows little sign of slackening
as producers struggle against
falling sales and accusations
that they have been involved
In illegal market-sharing agree¬
ments.
Yesterday’s agreed offer by
Cementos Mexicanos to buy
Spain's largest cement pro¬
ducer, Valendana de Cemen¬
tos, for up to $L7bn, represents
the biggest takeover in Spain
and the first significant pur¬
chase by a North American
cement producer in Europe
alter a decade of heavy cement
investments In the opposite
direction.
Spain is the second largest
cement market in Europe, and
the takeover bid by Cemex is a
powerful challenge to Euro¬
pean dominance of the indus¬
try on both sides of the Atlan¬
tic. It places Cemex in direct
competition with the giants of
the European Industry, Holder-
bank, italcementi and Lafarge
Coppee. which have all made
big acquisitions in Spain in the
past four years.
But Cemex is entering a
period of turmoil in the Euro¬
pean cement industry. The
European Community has
written to 75 European cement
manufacturers and their sub¬
sidiaries accusing them of
breaching its competition laws.
Investigations began three
years ago after officials became
concerned at the low level of
cement exported between
neighbouring European coun¬
tries, particularly where works
were situated close to borders.
This has not prevented some
of Europe's biggest building
materials companies from buy¬
ing substantial interests in
cement industries in neigh¬
bouring countries.
: mar- It will also incur holding costs for the it a dent equity rano or arouno iuu per cure i
13.71m financing of the purchase also as cent. US analysts were concerned about peripi
Cemex prepares to mix it
with the best in Europe
By Andrew Taylor and Peter Bruce
Acquisitions and strategic
stake-building are increasing.
A new development has been
the recent arrival of Italian
companies on the takeover
trail.
At the end of April, Ital-
cementi, Italy's biggest cement
company, paid FFr6bn
($1.07bn) for a controlling
interest in Ciments Frangais,
France’s second-largest cement
producer.
A month earlier. Calces-
truzzi, the Italian maker of
ready-mixed concrete which is
a subsidiary of the Ferruzzi
group, in a joint venture with
file National Bank of Greece
took control of Heracles, one of
the two biggest cement makers
in Greece.
It is unclear whether the
recent purchases by Ital-
cementi and Calcastruzzi will
prompt further cross-border
moves by Italian cement and
concrete companies. Con¬
versely, it could draw the
attention of other manufactur¬
ers to Italy, which remains a
highly fragmented market and
boasts the world's second high¬
est per capita consumption of
cement behind South Korea.
The driving force behind
many cross-border
acquisitions has been
the desire of manufacturers to
reduce their vulnerability to
sharp falls in domestic con¬
struction output. Holderbank
of Switzerland. Lafarge Coppee
of France and Blue Circle of
the UK, for example, bought
heavily in North America in
the 1980s.
European purchases, in some
cases, may have been also
dictated by a desire to gain
control of previously state
subsidised companies in east¬
ern and southern Europe
which could undercut local
prices by exporting surplus
capacity.
Mr Laurence Amboldt, con¬
struction analyst with Carr
Kltcat & Artken, part of the
Suez group, says: “As the
major groups look to spread
their activities over a number
of European regions in order to
reduce the impact of local con¬
struction cycles, works with
direct access to waterborne
transport will be seen as par¬
ticularly valuable as these pro¬
vide economic transport of
cement to various parts of
Europe."
The result of all this activity
has been to reduce tbe number
of independent cement compa¬
nies and to concentrate power
in the hands of about eight
large European cement groups.
Italcementi, including its
controlling interest in Ciments
Fran gals, has overtaken
Holderbank as the biggest
seller of cement in Europe.
Holderbank. however, is larger
. in the US and remains the
world’s biggest cement group.
Cement prices, however,
have remained surprisingly
stable despite the recession In
the construction industry,
affecting many . parts . of
Europe.
This has led to accusations
that relationships between
the large manufachzr-
the effects the bid might, have on
Cemex. Unlike Mexico's growing
cement market, consumption In Spain
is slowing rapidly as the economy cools
and construction activity slows.
Cemex, tor its part, has felt particu¬
larly vulnerable hi the face of expan¬
sion planned by Apasco, its main com¬
petitor In Mexico.
Apasco, controlled by Holderbank,
has just 17 per cent of fife Mexican
market but has launched a four-year
$260m programme to increase produc¬
tion from 5.4m tonnes last year to
7.15m tonnes in 1994.
In the face of. this threat, Cemex
decided in 1988 to concentrate on its
core cement business and to sell off
peripheral concerns. ‘
era has become too cosy.
Critics of the industry con¬
trast the stability of cement
prices markets with the very
sharp price fells which have
occored for other basic indu¬
ing materials.
Companies, meanwhile, lave
complained to the Commission
that Turkish, Romanian and
Tunisian companies have been
dumping cut-price cement in
Spain, damaging- the local
market. Cement prices along
the Mediterranean coast of
Spain fell by 15 to 20 per
between June and December
last year.
Moves by Ciments
Frangais to establish
strategic alliances
wrEh cement manufacturers in
Romania - possibly as a pre¬
lude to an acquisition - is
regarded by some analysts as a
defensive measure to prevent
cheap Romanian cement from
flowing into other European
markets.
Spain* Europe's fastest grow¬
ing construction market dur¬
ing the Z980s, has been a very
attractive market for European
cement manufacturers both for
its size and the availability of
local companies which tradi¬
tionally have been family con¬
trolled. Most - of the leaders
have Spanish subsidiaries.
Ciments Francais last. month
offered $44m to acquire tbe
outstanding 22 per cent it does
not own of Cementos Rezola
the biggest cement producer in
the Basque region of Spain.
Uniftmd, a relatively obscure
Swiss-based holding company
with cement interests In Asia
mid South America, has just
taken . out an option worth
more than 3700m to buy San¬
son, Spain second-largest pro¬
ducer, from the Banesto bank¬
ing group.
ESTIMATED EUROPEAN CEMENT SALES IN 1902
(excluding associate companies)
Company
Tonnes
Worts controlled In
(m)
Italcemenit/Ctment F.
27.0
Italy, France. Spain, Belgium^
Czechoslovakia, Greece
Holderbank
15.7
Switzerland, Germany, Belgium,
France, Spain, Hungary, Czecho-
Slovakia
Lafarge Coppde
13.5
France, Germany, Spain. Czecho¬
slovakia. ‘ "
Blue Cirde
8.3
Britain. Denmark -----
CBR
8.2
Belgium, Netherlands. Czechoslo¬
vakia
DyckerhofT
7.3
Germany. Spain
Hekfelberger
7.1
Germany. Czechoslovakia .
Euroc/ Aker
6.3
Sweden, Norway, Britain .
Soureo: Carr Kl feat & AJOrmn
Business Year 1991
Committed, responsive, focused
on client needs
ft Deutsche Girozentrale
? International SA
“Conceived on the basis of Cartesian logo,
the New Europe is now becoming more complex.
Alain Mine, 1991
We are smgJe-mindecDy dedicated to our clients’
needs. Therefore, their objectives determine our assess¬
ment criteria, a simple yet solid approach that has
proven effective in a rapidly changing business environ¬
ment. This concept paid off again in 1991.
Our business volume rose to DM 7.8 billion. The focal
point of our activities was interbank business. More¬
over, we have strengthened our engagement in Euro¬
pean public sector financing. Despite strong compe¬
tition, the bank achieved an interest and foe surplus of
DM 41 million. The complete annual report is available
upon request
Financial Highlights
(DM million) 1991
1990
Total Assets
7,609
7,568
Balances with Banks
4,543
4,804
Advances to Customers
2^78
1,887
Securities
605
732
liabilities ro Banks
3,884
2,708
Other Liabilities
2,437
3,589
Capital and Reserves
189
184
16, Boulevard Royal, L-2449 Luxemburg, Telephone:
(0 03 52) 46 24 71 - 1 , Fax : (0 03 52) 46 24 77, Telex : 2841
All oj their securities haring been sold, this announcement appears as a matter of record only
TOTAL
Global Combined Offering
of 22,900,000 B Shares
8,000,000 B Shares
Offer Price : FF230 per B Share
7 Tns portion if the Offering was ffertd in France by the inriersigned
Banquc Paribas
Crvdii Lyonnais
Banquc National*.* de Paris
Caissc Naiionalc dc Credit Agricole
Sucirtc Generate
Caisso dc* Defy** ct Cunsignii linns
Banquc Indosurc
I wizard Frcrcs et Ci<r
Cause Ccniralc dc* Banqucs PopuLiirvs
Credit Commercial dc France
Credit du Nnd
J.P. Morgan ci Gk- SLA.
Banque Worms
Cie Financiere du CIC ct dc L'L'nion Europccnnc
I -a Cic Fmaricftnr Edmond dc Rot hxhild- Banquc
Banquc dc Neultizc. Schhi mbciy r. Mallet •
Banquc du Phcni\
Banquc Aijil
Banquc Eurofin
Credit National
Dcmachv. Worms ct Cic
7,500,000 JB Shares
. Offer Price : FF230 per B Share
This partial $ the Offering u ias tffmd outside France ami
the L rated States by the underrignat
Banquc Ranbas Credit Suisse First Boston France SA:
[jhman Brothers International
Banquc Naiionalc de Paris _
SCI. Warburg France SA.
■ Banquc Indosucc
County NatWca Securities Limited
Daiwa Europe Limited
Deutsche Bank AkticnqncRHhaii
ABN .Amro Bank NV.
Cazcnove & Co;
Fawkilda Securities. Sfcandinavi *ka Fjiskilda Limited
.Goldman Sadis International Limited
• . Kteimvnrt Benson Limited
Mediobanca- Banco di Crvdito Finan-dario S.P.A.
Morgan Stanley International
•• , ^ M' Rothschild & Sons Limited '
, -. V 'Phillip* & Drew Securities Lin wed ’.
14,800,000 American Depositary Shares
Representing 7,400,000 B Shares
Offer Price : S22.23 per American Depositary Share
This portion tf the Offmng was ijfertd in the L'nilrd Steles by die undersigned
la'hman Brothers
Goldman. Sachs & Cw
iwvard Frercs & Co.
Morqan Stan lev- & Co.
lK<il|u«<l
Bear. Steams & Co. (nr.
the First Boston Corporation
Credit I .yon 'nan Securities (USA} Inc.
Alex.. Brown & Sons
’ .I(*.*p4ain| -
Dilton. Read & Co. Inc.
^t^jJLM£££JnmUr ‘VC & W Inr- H— ^ -Friedrich, ^ Kqnprr Securities Group.' In, .
Kiddrr-,P^'&Ca Merrill Lynch & Ca. J.HMt^utSc rarities Inc. ! / Oppenhcimer & a*. |„f.
P.imcWebbrr Incorporated Paribas Corporation Prudential Securities Incorporated RBC Dominion Securities Corporation
Salomon Brothers Inc Smith Ramey: Harm Upham & Co. SoeiftO Gfnfrak- ' SC. Warhi.ro Securing
WjwNcin Pcrdla Securities
Ad vest. Inc. A
Wrnheim'Schmdcr & Co.
ii* <|.« •*•*!
Sod cic Generate
Dean. Winer Remolds- [n’r.
Ad vest. Inc. Amhukl and S Bteichrocdcr. Inc.
iarienburq. Thahnann & Co Inc. - iVirii* 1
Robert W Baird Sc Ca.
lAnrii* Pnrkman & Co
nokfc tne-. YWl Guiidv Corp.
e°' ■ Hjintlcn. Imimll Trir.
The ffobimon- Humphrey Company. Im.
Global Coordinators
Banque Paribas - Lehman Brothers International ■
La Compagnie Finandcre Edmond de Bmhtdjfld-Banque aaed as adviser to TOTAL.
17
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V
FINANCIAL TIMES WEDNESDAY JULY S 1 992
INTERNATIONAL COMPANIES AND FINANCE
Mobil to book
$80m gain from
sale to BASF
By Karen Zagor in New York
MOBIL, the US oil and gas
group, yesterday said it would
record an 580m third-quarter
gain on the sale of its polysty¬
rene resin business to BASF of
Germany.
in the 1991 third quarter the
group earned S365m. or 87
cents a share, on revenues of
SISbn.
Mobil also said it had further
cut its capital appropriations
budget for the year, to S-Jbn
from S4.8bn, in response to
sluggish economic growth and
depressed margins in its down¬
stream operations and chemi¬
cals business.
At the end of last year. Mobil
said its 1992 appropriates bud¬
get would be Si.Sbn. about
SIbn below previous projec¬
tions.
Mr Allen Murray. Mobil's
chairman and chief executive,
said: “At that time. I indicated
that the 1992 budget
included 8800m which would
not be appropriated this year
unless business conditions
improved."
The company expects the
impact from lower appropria¬
tions to be seen beyond 1992.
since there is a lag between a
cut in capital appropriations
and lower capital expenditures.
As a result. 1992 spending
will be only slightly below
McDonnell Douglas to sell
cheque acceptance service
By Martin Dickson
In New York
McDonnell douglas, the
financially-stretched US aero¬
space group, is selling Tele-
check Services - which pro¬
vides cheque acceptance and
guarantee services to retailers
- to Atlanta- based First
Financial Management.
McDonnell Douglas said the
deal was part of its strategy of
focusing on its aerospace busi¬
ness. Telecheck, which it
acquired in 1984. is based it)
Denver. Colorado, and employs
about 700 people.
The aerospace group did not
put a price on the deal, but
First Financial Management
said it would be paying S159m
both to buy Telecheck and Pay¬
ment Services, its principal
franciiisee. which is not owned
by McDonnell Douglas.
McDonnell Douglas has been
slimming down its sizeable
financial services operations,
to focus on aircraft financing
and commercial equipment
leasing.
Last year it even considered
selling off the entire financial
services arm as a means of
raising cash.
Man with a mission moves from Saab to Opel
Robert Taylor profiles David Herman;, new chairman of General Motors’ German subsidiary
MR DAVID Herman flexibility and hold down force. Latest sales figures sug- adaptability” of his Swedish union leaders are disappointed ship, Mr Hei
arrives at the head excessive wage costs. gest Saab Is bucking the trend, workforce. “When I arrived the at his departure, even though the ways of
office of Adam OpeL During his spell at Saab he In Europe. It increased sales arrows were not’ oointine in he was forced to close a new He remaim
Great expectations: Allen
Murray, Mobil chairman
the S3 bn spent in 1991.
Mr Murray said that Mobil's
savings from a recently
announced restructuring
would be “greater than previ¬
ously anticipated".
Salaried payroll in the US is
expected to fall by about 10 per
cent, or 2,000 people, by the
end of 1992.
In addition, it expects to sell
more than 5800m of assets this
year, exceeding 1991 asset
sales. Between 1988 and 1990.
Mobil sold nearly S7bn of
assets. Mr Murray said.
On Wall Street. Mobil's share
price edged Sl.« higher to S62'-i
at midday.
MR DAVID Herman
arrives at the head
office of Adam Opel
the German subsidiary of Gen¬
eral Motors, this morning with
a mission to halt the profits
slide by boosting productivity
and cutting costs.
He takes over after two-and-
a-half years as president and
chief executive of Saab Auto¬
mobile, GM's joint venture
with Saab-Scania. where he
spearheaded a tumround in its
performance despite the slump
In tlie world car market.
“The underlying problem in
Germany is inflation and high
costs, but changes are coining
at Opel." he promises. “I hope I
can be part of the transition to
improved competitiveness.”
Mr Herman comes to his new
post as Opei's chairman and
managing director with clear
lessons from his Swedish expe¬
rience: to encourage greater
flexibility and hold down
excessive wage costs.
During his spell at Saab he
did not take the company back
into profit but he pulled it
through a difficult period, in
the year before the company
was formed out of Saah-Scan-
la’s car division in January
1990, it had make a SKr2.1bn
($384m> operating loss.
Mr Herman says he does not
know when Saab will bo in the
black, but its losses are likely
to be much less this year than
last year's SKrl.39bn deficit
Productivity has more than
doubled. In early 1990, it took
around 120 hours to build a
Saab car. Now that figure is
down to 58 hours. Although
still far behind the Japanese 30
hours per car. it Is in the main¬
stream of European auto pro¬
duction. It was achieved with
plant closures and a cut of
nearly one-third in the work¬
force. Latest sales figures sug¬
gest Saab is bucking the tread.
In Europe, It increased sales
in the first six months of the
year by is per cent to 2,500
units, with a 66 per cent surge
in Italy. In the vital US market
in June, Saab recorded its
highest monthly figure since
adaptability” oE his Swedish
workforce. “When I arrived the
arrows were, not’ pointing in
the right direction but now
they are," he explains. Absen¬
teeism is down from 10 to less
than 5 per cent and labour
turnover has declined from 25
to less than 8 per cent.
"The underlying problem in
Germany is inflation and high costs,
but changes are coming at Opel9
August 1987. despite the reces¬
sion. In Sweden, the Saab 9000
has topped the sales statistics
for three out of the past four
raonths.
“I have been the catalyst for
change," declares Mr Herman,
but he is warm in his enthusi¬
asm for the “tremendous
Lehndorff Canada meets creditors
By Bernard Simon In Toronto
LEHNDORFF Canada, a
private group of real estate
partnerships funded largely by-
European investors, met with
about 30 creditors in Toronto
yesterday to ask for conces¬
sions on its C$565m (US$470ra>
debt.
Lehndorff said it was seeking
an “ informal restructuring of
its debt, assets and operations"
in view of the slump in the.
Canadian commercial property
market. “Given the persistence
of current trends, it can no lon¬
ger be business as usual," Mr
Murray Brown, president, said.
The company said the debt
was secured by properties with
residual equity of close to
CSlbn.
The restructuring plan is due
to be finalised by September
30. It includes proposals for an
injection of equity by the 5,000
investors in its limited partner¬
ships, most of whom are
German.
Lehndorff manages a portfo¬
lio of about 230 properties,
mostly in southern Ontario
and Alberta. Us main lenders
include Bank of Montreal,
Royal Bank of Canada and sev¬
eral fo reign-owned banks.
It is the latest in a string of
Canadian property developers
to acknowledge financial diffi¬
culties caused by a combina¬
tion of heavy debt loads, rising
vacancy rates and downward
pressure on cents and purchase
prices.
Bramalea, a developer con¬
trolled by the Toronto branch
of the Bronfman family, failed
to make an interest payment
due lost week on a CSlOOrn
bond issue.
The company is renegotiat¬
ing its C$4.8bn debt its share
price stood at 90 cents yester¬
day morning, down from more
than C$5 at the beginning of
this year.
Georgia-Pacific warns on profits
By Martin Dickson
in New York
GEORGIA-PACIFIC, the US
paper group, warned yesterday
its second quarter results
would be "slightly better than
break-even", with net income
lower than the same period of
1991.
The news hit the company’s
shares and the paper sector in
general, with Georgia-Pacific
stock down $3 at $56% at
lunchtime on the NYSE.
The company made $33m. or
38 cents a share, in the second
quarter of last year on revenue
of $2.98lbn. The period
included an after-tax gain of
S29m. or 34 cents a share, on
the sale of property.
The paper sector has been
suffering from a cyclical down¬
turn in profits, partly because
of increased industry capacity,
but analysts have been fore¬
casting a gradual rise in net
income during 1992, assuming
the US economy sustains
its slow upward momentum.
A Ceorgia-Pacific spokes¬
woman noted US prices for
timber used by the building
industry had dipped somewhat
from the record levels seen
during the first quarter of this
year, while paper markets were
similar to the first quarter.
During the first quarter.
Georgia-Pacific reported record
operating profits of $183m from
its building products division,
compared with pulp and paper
profits of 546m.
Mr Herman praises the
Swedish trade unions for their
positive response. "It has been
a partnership," he asserts.
“Our labour people have not
just been rubber stamps. The
workforce has been involved in
ail the discussions. There is a
real team spirit here.” Indeed.
Saks Fifth
denies report
of large losses
LARGE losses at Saks Fifth
Avenue over the past two
years have eroded the ITS lux¬
ury retailer’s capital bases and
led it to seek more funding
from the Middle East earlier
this year, AP-DJ reports.
The figures, contained in a
confidential Saks document,
sbowed the company incurred
net losses of $398m in the 19
months to January 31 1992.
Saks officials, in an
interview, denied file company
had suffered any losses or
developed funding problems,
bat would not comment
further.
Earlier this year, Saks
announced that Investcorp,
the Middle East-backed
Investment company which
acquired the retailer from
Britain’s BAT Industries via a
leveraged buy-out in 1990, was
injecting another $300m of
equity into the retailer.
The capital injection came
amid rumours of poor
operating performance and
late payments to suppliers.
The latter was emphatically
denied, although Saks said
trading was “clearly very
difficult".
union leaders are disappointed
at bis departure, even though
he was forced to close a new
SKrl.3bn assembly plant in
Malmo.
Tbe turnaround at Saab
comes from its Swedish manag-
ers and workers. Only around
10 of its personnel were drafted
is from outside by GM-
Tbe long, bard road back to
profitability at Saab was made
no easier by events outside the
company's controL In particu¬
lar, the low exchange rate of
the US dollar against the over¬
valued Swedish krona has
made it hard to recover in the
US market.
The. chairman is critical of
past Saab management. “They
were less willing to accept the
burdens of responsibility for
productivity problems,” Mr
Herman suggests.
What he believes he provided
was a strong sense of leader¬
ship. Mr Herman did not bring
the ways of Detroit to Sweden.
He remained keen to work
with the grain of the country’s
industrial culture. However, he
also believes Saab is much
more aware of the worldwide
perspective.
He also believes the true test
of his time at Saab will not
come until the company's new
models are in die showrooms
in the next few years. “The
product comes first before
anything else,” he argues.
Saab is set to sell up to
100,000 cars this year compared
with 87.500 in 199L and he can
see tbe day when the
TroUhattan plant will turn out
an annual figure of. 150, 000.
With a new paint shop on
stream and an extra 500 jobs to
come, he declares that GM Is
not going to abandon Saab.
“There is no turning back," he
says.
Safeway earnings fall
6.5% to $33.3m
By Karen Zagor
SAFEWAY, the California-
based supermarket group,
yesterday reported a 6.5 per
cent decline in second-quarter
net earnings, reflecting the
tough competition in DS food
retailing and tbe pressures of a
sluggish economy.
• Net income in the three
months to June 13 was $33 .3m,
or 28 cents a share, against
$35. 6m, or 31 cents, in the same
period of 1991.
Sales slid 2 per cent In the.
quarter to -$3.5bn, while
same-store sales were 3.1 per
cent below 1991 levels.
The company, which, was
subject to a $4.2bn leveraged
buy-out in 1-986, reduced its
interest expense in the latest
quarter to 567.5m from $84 -8m
a year earlier.
The improvement was
attributed to a decline in
short-term interest rates and
the refinancing of
high-interest-rate debt taken
on during the 1986 buy-out.
Safeway’s second quarter
operating profits fell 13.7 per
cent to $120-5m from $139.7m.
The company blamed the weak
comparison on a strong 1991.
second quarter before
recessionary sales trends had
fully emerged in many of Its
markets.
For the first six months net
income dropped to 528.4m, or
24. cents, compared with
$62 .3m, or 57 cents, the
previous year. The 1992 figures,
however, include a one-time
charge of 527.8m, or 33 cents,
related to the early retirement
of debt -
Safeway said its operating
results were also hurt by the
low level of food . price
inflation.
Sales in the first half of 1992
were $6£5bn, against 56-92bn a
year earlier.
• Chase Manhattan Bank, a
subsidiary of Chase Manhattan
Corp, said It has formed a new
group within its North
America corporate finance
sector -by combining the
project finance and public
utilities divisions. Renter
reports from New York.
The company -said it had
named Mr William Rockford to
head the new group. Mr
Rockford joined Chase in 1972
and . has held positions
covering utility companies in
the US.
July 1992
n \ 1 r* “j* :L5 A * *1 3 * ? f* 7 S i £
Austrian Industries CPF GmbH
Frankfurt am Main
DM 300.000.000
Commercial Paper Program
unconditionally and irrevocably guaranteed by
Austrian Industries Aktiengesellschaft
Vienna
Arranger
Dresdner Bank
Aktiengesellschaft
Dealers
Commerzbank
Akiiengesellschaft
Dresdner Bank
Aktiengesellschaft
Deutsche Bank
Aktiengesellschaft
Lehman Brothers Bankhaus
Aktiengesellschaft
Westdeutsche Landes bank
Girozentrale
Issuing snj Paying Agent
Dresdner Bank
Aktiengesellschaft
This week on
" The outcome of G7 - Where do we go
from here? "
and on the fast track FORMULA ONE,
a British success story
on Financial Times Business Weekly.
Also in this week's progran
special reports on the envi
ime, the second of six
ronment produced in
partnership with 1
R
mazoa
tator Corporation
When to
watch
Wednesday 2 1 30 and S
on Superc
Thursday 2030, Sun
and Monday 0030 (R.‘
Sunday 1800 tCET)
hannel
idny 1230, !9?0
ST) on SKY New<
FINANCIAL TIMES TELEVISION
Number Om Souihv. ark Bridge
London SI: I 9HL Im-i-nd
Telephone: (44 .71) xri '^41
/ /
19
FINANCIAL "TIMES WEDNESDAY J U L Y 8 1 992
INTERNATIONAL COMPANIES AND FINANCE
sought by Royal
Construction
By Robert Thomson in Tokyo . '
ROYAL CONSTRUCTION, a-
Japanese contractor with inter¬
ests in resort development, is
to seek court protection.
Royal Construction said that
Its outstanding debts totalled
Yl9bn i$l52m), and blamed the
difficulties on an unidentified
condominium operator which
failed to pay debts, leaving
Royal unable to honour pay¬
ment deadlines and in need of
protection from creditors!
Yesterday’s announcement
shook investor confidence In
other Japanese property com¬
panies, whose share prices fell
sharply oh the Tokyo stock
exchange.
Trading In Royal shares on
the' over-the-counter market
was suspended yesterday after¬
noon and the company later
said it sought - protection ■
because the damage to its
credit reputation had' left it
unlikely to win new govern¬
ment contracts. The company
had been a specialist in public
works projects before entering
the crowded resort market
The Tokyo stock market has
been haunted by fears of prop¬
erty company collapses, and
reports of Royal's predicament
led to a sharp fall in the share
price of Daikyo (down Y47 to
Y733), a condominium and
resort builder which last
month publicly denied press
reports that it was close to col¬
lapse.
Share prices of leading con¬
tractors fell, including Sumi¬
tomo Construction (down Y26
to Y419) and Tobishirha (down
Y22 to Y423), which is already
' Si
. . 1 • f ‘‘•■'k f ■■
J'-'Y %r* / . ■'
Wi
being restructured by its main
bank, Fuji. Mfsawa Homes,
another house builder, was
down Y48 to Y951.
Japanese -contractors have
been confronted by a sharp
increase . in debt defaults by
developers, who have been
unable to find tenants for new
office or apartment complexes,
or who have invested wrongly
in leisure projects.
Builders argue that the con¬
dominium market, in decline
for the past two years, has
begun to recover. The Real
Estate Economic Institute said
yesterday the number of
unsold units in Tokyo last
month, was' 9,953, the first
month it has been below 10,000
since September 199L
. But the institute said the
number of new condominiums
offered for sale in June was
down 34.3 per cent from the
same month, last year, while
the average sale price of those
apartments was 26.9 per cent
lower than in June of last year.
Saudi British Bank up 10%
SAUDI British Bank (SBB), the
joint-venture Saudi Arabian
bank, yesterday announced a
rise of 10 per cent in net profits
for the first half to SRl28.4m
($34 ^m) from SR116.6m in the
same period a year earlier,
AP-DJ reports from Manama.
Total assets advanced 20 per
cent to SRl7£bn at the end oT
June compared to SRl4.6bn in
the previous year.
The latest net profit figure
was struck after SRlSm of pro¬
visions against possible loan
losses, unchanged from the
first-half provisions in 1991.
SBB said it considers its pro¬
visioning “sufficient to absorb
any unforeseen contingencies".
SBB is 40 per cent owned by
the British Bank of the Middle
East, itself a subsidiary of the
HSBC, •
China Merchants sails smoothly into uncharted waters ,
Simon Holberton examines the flotation of a mainland Chinese company on the Hong Kong market |
T HE first time that Jiang
Bo encountered China
Merchants was in 1949
in Shanghai. The People’s Lib¬
eration Army liberated the city
from Nationalist control and
he was one of the officials, the
new communist government
sent into the company's then
head office to seize its assets.
Today, 67-year-old Mr Jiang,
a Communist party member
since 1944, is China Merchant’s
managing director and the
man who has presided over its
expansion, from a shipping
company to one which owns
hotels, three insurance compa¬
nies, two banks and hundreds
of small industrial companies.
He is also the man who this
week scored a first in the Hong
Kong capital market by float¬
ing 25 per cent of the equity of
a pure Chinese mainland com¬
pany, Hai Hong Holdings, a
producer of marine and Indus¬
trial paints.
The offering was a success.
Hai Hong sought less than
HKSlOOm (US$12.9m), but on
Monday Hong Kong investors
- hungry for any stock that
can be described as a “China
play” - stumped up
HK$31.£bn to make the Issue
373 times oversubscribed.
Mr Jiang says it is possible
that in the future. Hal Hong
may become China Merchant's
main listed company on the
Hong Kong exchange. It will
al ways. wish to retain at least
51 per cent of the company, he
said, but did not rule out
selling its interests in other
assets the company now holds
privately.
The strength of investor
interest reinforced the growing
importance of Hong Kong as a
source of capital for the main¬
land. Equally importantly, it
underlined a significant
change of approach to the col¬
ony by the mainland establish¬
ment.
China Merchants, along with
the three other “Heavenly Sis¬
ters" - China Resources, Bank
of China, and China Travel
Service - has been one of the
more conservatively-managed
mainland companies in Hong
Kong, preferring to go about
its business with the minimum
of fuss.
But in keeping with Beijing’s
1 “open door” policy of economic
reform and the impending
transfer of Hong Kong’s sover¬
eignty to China in 1997, the
mainland's economic presence
in the colony is daily becoming
more visible.
China Merchants is the
mainland's oldest company in
Hong Kong. It was founded in
1872 by Li Hung-Chang, a late
Qing dynasty reformer, and
has always had close ties with
the Chinese state.
Since 1949, when the commu¬
nists assumed power in China,
it has been under the “direc¬
tion" of the Ministry of Com¬
munications. The minister of
communications is the chair¬
man of the company's board,
but China Merchants' opera¬
tional headquarters is in Hong
Kong and, since 1978 when
Deng Xiaoping's reforms were
inaugurated, its managing
director has been given consid¬
erable latitude to develop the
business.
Today, China Merchants
employs 40,000 people in 22
wholly-owned subsidiaries and
40 Hong Kong joint ventures,
and operates 368 mainly indus¬
trial companies, the bulk of
which are located in a region
. . . TCt&SFfc'v?--*..
Hong Kong: The colony is becoming an increasingly important source of capital for the mainland
of the Shenzhen special eco¬
nomic zone called Shekou. This
is a port situated on the Pearl
River Delta, which the com¬
pany owns and operates on
behalf of the Ministry of Com¬
munications.
According to Mr Jiang,
the company has assets
with a book value of
HK$12bn. HK$6bn of debt, and
made profits last year of
HK$200m. Profits in 1991 were
hit by the poor performance of
its UK marine insurer, Scottish
Lion Insurance.
The company also owns a
shipping line, called Ming
Wah, which made profits of
HK$300m in 1991. Ming Wah
owns and operates a fleet of
ships of 3.5m dead-weight
tonnes - the second largest in
Hong Kong.
The core of its business
remains shipping. Last year its
ships carried 11 per cent of
Hong Kong's trade that went
by sea; tbey also handled 50
per cent of all marine trade by
Chinese-invested companies in
Hong Kong.
China Merchants also oper¬
ates ship repair and mainte¬
nance facilities, and owns
docks and container operations
in Hong Kong, Shekou and
Shenzhen. Earlier this year it
paid HK$175m for a 15 per cent
share of Modern Terminals
Limited - one of the main
owner-operators of Hong
Kong's container port.
“Because we are under the
Ministry of Communications
our main business is ship¬
ping," says Mr Jiang. "But if
we have the opportunity we
are also prepared to diversify
and develop other activities."
Since he became managing
director in 1985. the company
has bought into banking and
insurance and increased the
vertical integration of its slip¬
ping business by acquiring a
ship repair business and ware¬
houses.
The company has also done
its bit for the economic devel¬
opment of other parts of the
mainland by setting up busi¬
nesses in the Pudong area of
Shanghai and in Wethai. Shan¬
dong province, and recently
acquiring an 18 sq km area of
land in Z hangzhnu. Fujian
province, to develop as a free
trade zone.
These ventures are part of
the “developmental** role the
big mainland companies in
Hong Kong are meant to fulfil
for China. In Shekou. where
the company has funded the
pons development and taken
slices of 340-odd industrial
companies which have set up
business there, it is also build¬
ing a 35km railway to connect
the port with the industrialised
part of Shenzhen to the west.
The company’s move into
banking and insurance
fulfils both the
developmental and
profit-seeking brief it has been
given. Scottish Lion may be a
loss-maker today, but China
Merchants has plans to set up
a branch in Shanghai and. as a
mainland-owned company, it
should be well placed to take
advantage of the liberalisation
being planned for China's the
insurance market.
Similarly in banking. It owns
a controlling interest in Hong
Kong's Union Bank, and has a
joint venture bank on the
mainland, China Merchants
Bank. Both are small, but the
seeds of future growth have
been sown.
As Mr Jiang said: ''( joined
the revolution in 1944 to make
China rich and strong."
Time Warner
quits venture
TIME Warner, the US media
group, said it was withdrawing
from a consortium, led by Ger¬
many’s Bertelsmann, which
has applied to set up a German
television channel, Reuter
reports.
Time Warner said it had
notified the other shareholders
that it was exercising its
right to withdraw from the
consortium, known as
the Westschiene Channel
(VOX).
JAL considers cutting routes
JAPAN Airlines (JAL) is
studying the possibility of
eliminating some of its less-
profitable international routes,
a company spokesman said
yesterday, AP-DJ reports.
The spokesman said two
weekly flights between Tokyo
and Copenhagen and one
weekly flight between Tokyo
and New Delhi may be
cut
Sluggish economic growth
and heavy investment badly
hit the airline, the country's
largest. The pre-tax loss was
Y6.04bn ($48.5m)for the fiscal
year ending on March 31 - the
first loss since the former
national flag carrier went pri¬
vate in 1987.
Last month, the company
said it was reviewing its
routes, investment and person¬
nel to counter a sharp drop in
its ability to compete. Some 400
jobs will be eliminated and the
management team will be
restructured in an effort
to return to profitability.
WORLD TEXTILES
The FT proposes to publish this survey on
September 10 1992.
Textiles are one of the most heavily traded goods in the
world. To discover what the FT is planning for this
survey and how to reach our international audience of
decision makers, financiers and government
administrators contact:
Ruth Pincombe
Tel: 061-834 9381
Fax: 061-832 9248
FT SURVEYS
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For tender on 14 July 1992
1. The Bank of England announces the issue by Her
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ECU 10,000, ECU 50,000, ECU 100,000, ECU 500,000,
ECU 1,000,000, ECU 5,000,000 and ECU 10,000,000
nominal.
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or part of any tender.
8. The arrangements for the tender are set out in more
detail in the Information Memorandum on the UK
Government ECU Treasury Bill programme issued by
the Bank of England on behalf of Her Majesty's Treasury
on 28 March 1989, and in supplements to the
Information Memorandum. All tenders will be subject to
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supplemented).
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the Bank of England will be for maturity on 14 January
1 993. These Bills may be made available through sale
and repurchase transactions to the market makers fisted
In the Information Memorandum (as supplemented), in
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supplements to It) may be obtained at the Bank of
England- UK Government ECU Treasury Bills are issued
under the Treasury Bite Act 1877, the National Loans
Act 1968 and the Treasury Bills Regulations 1968 as
amended.
Bank of England - • ' . — '
7 July 1992
m
BankAmerica
Corporation
(tacopomua in the Sam at Mweml
U.S .$400, 000,000
Floating Rate Subordinated
Capital Notes Due 1997
Hoidera of Notes ot the above Issue
are hereby notified that for the next
Interest Sub-period from 9th July,
1992 to 10th August. 1992 the
blowing wB apply;
1. interest Payment Date; 9th
September, 1992.
2. Reds of Merest tor Sub-period:
. 5% per anrnen.
3. Interest Amount payable for
. Subperiod: US$22252 per
US$50,000 nominal.
4. Accumulated Interest Amount
payable: US$43045 per
US$50000 nominal.
5. Next Merest Sub-period w® be
from 10th August, 1992 to 9th
September, 1992.
Agent Bank.
Bank of America
International Limited
MITSUI FUDOSAN
(CO, LTD
YEN 30,000,000,000 FLOATING
RATE NOTES DUE JULY 1997
Notice is hereby given that fortbc
imeren period Gam 8 July 1992 La 8
January 1993 the nin of interest trill be
5.4 ft per annum. The bund payable on
ibe 8 January 1993 wifi be Ym 271.504
per each YEN 10,000000 Note.
j Agent Bank;
|The Mitsui That and
Banking Co., Lid.,
London
SGA SOC1ETE GENERALE
ACCEPTANCE N.V.
JPY 5,000,000,000
STEP-UP COUPON
NIKKEI- LINKED
GUARANTEED NOTES
DUE 1992
Notice Is hereby given that, in
accordance with the Terms and
Conditions, the Notes will be
redeemed on July 17th, 1092
at the 'Redemption Amount"
calculated by Nomura Bank
International Pic London as
Calculation Agent in
accordance with condition 5(c)
which will be JPY 10,000,000
per Note of JPY 10,000,000
THE FISCAL AND
PRINCIPAL PAYING
AGENT,
SOGENAL, SOCIETE
GENERALE GROUP,
15 AVENUE EMILE
REUTER, LUXEMBOURG
OLYMPIC TICKETS
We buy and Sell
Call toll-free
080 0898684
OBITUARY
MACRAE
On 6th July* 1992 peacefully at his home at Hemingtord
Abbots, Cambridgeshire. Dr Donald Kenneth Macrae
Phd Bsc, ARCST. Aged 54. Dearly loved husband of
Dianne and loving father of his four girls. Funeral service
to be held at St Margaret’s Church, Hemmingford
Abbots, Cambs on Monday 1 3th July at 2.30 pm,
followed by a private cremation. Family flowers only
please, but if desired donations may be made to either the
National Trust for Scotland or Cancer Relief McMillan
fund:
C/q Dennis Easton, Funeral Service. The Lodge,
Boardleas. St Ives, Cambs, PEI 7 4PU.
COMPANY NOTICES
NOTICE TO IIOLDERS OF
EUROPEAN DEPOSITARY
RECEIPTS (EDR'S) IN PIONEER
ELECTRONIC CORPORATION
Wie sro plrwnd u mapwicB rim copies ot
The 4fid> Bnintwi Report, and ibe Annual
Report, for iha year ended 3 Jit Men*.
1992 are now available lo EDR Holden,
upon application, to The Bank or Tokyo,
Lid., 12/15 Finsbury Circus, London
BOM 7BT. and the Agent. The Bank of
Tokyo (Lunnhnq) Sa, Jirutdeobs Sl
Esprit, 1-3 Ran du SL Esprit, 1475
Luxembourg.
Saak of Tokyo latenwriewaJ Limited.
(London Depositary)
gib Italy 1992
/okgakttebolagN
(formerly Oslunhamnsrerketa
Krafigrupp Akdebolag)
U.S. $50, 000,000
RETRACTABLE PONDS 1997
In roiapIuiK* wuh the requirement)
at ihe London Mack Exchange, we
inform hatderi nfthe ntmve mentioned
Bond* that copies of the English
language version of ibe Annual Report
and aocvdmb of OKG Akiiebalag ire
available from the oltieesof I Umbras
D'inL Limited, at Towcf Hill. London
. F.C3N4HA.
PERSONAL
PUBUC SPCAKUM Training and apacdiwrtt- '
ing by award winning aponkor First lessen
Ires. Tel: (0727] 861133.
Yen 10,000,000,000
E P
Metropolitan Estate and Property
International N.V.
(Incorporated with limited liability in The Netherlands)
Floating Rate Guaranteed Notes due 1995
Irrevocably and unconditionally guaranteed by
MEPCpic
( Incorporated with limited liability in England under the
Companies Act 1929)
Notice Is hereby given that lor the Interest Period from July 8,
1992 to January 8. 1993 the Notes wiH carry an Interest Rate of
4.5625% per annum. The amount of interest payable on January 8,
1993 will be Yen 233,194 per Yen 10,000.000 principal amount
of Notes.
By: The Chase Manhattan Bank, NJL
London, Principal Paying Agent
July 8. 1992
CHASE
U.S. $200,000,000
American Express Bank Ltd.
Floating Rate Subordinated Capital Notes
Due 1999
Notice is hereby given that for the Interest Period 9th July, 1992
to 9th October, 1992 the Notes will bear interest at the rate of
3%% per annum. The interest payable on 9th October, 1992
against Coupon No. 22 will be U.S. $94.24 per U.S. S10.000
Nominal and U.S. 52^5540 per U.S. $250,000 Nominal.
DATED THIS BTH DAY Of JULY. 1992.
Principal Paying Agent
ROYAL BANK OF CANADA
EUROPE LIMITED
iiiiiiiiiwiiiiiiiwmiiiiiiiiiimiiiiiiiiiinim
S.G.Warburg Capital B.V.
U.S. $200,000,000 Floating Rate Notes 2006
unconditionally and irrevocably guaranteed by
S.G.Warburg Group pic
In accordance with die provisions of the Notes, notice is hereby given
that, for the six month period, 8th July, 1992 to 8 rfi January. 1993. the
Notes will bear interest at the rare of 3 '^i* per cent, per annum. Coupon
No. 1 3 will therefore be payable on 8 rb January. 1993 at U.S.S5.03 !_15 per
coupon from Notes of U.S.S25O,p00 nominal and U.S.S201.25 per coupon
from Notes of U.S.5 10,000 nominal.
S.G.Warburg & Co. Ltd.
Agent Bank
iiiiiimmmiiiiiiiiiiimiiiimimiiiiiiimini
Currency Fax - FREE 2 week trial
„ _ . , ' asu Anne Whitby
f/CrfTi CbJrl Ltd * . 071-734 7174.
7 Swallow Street. London W1R.7H0. UK- Fqx 07].4i9 4966
exchange rate specialists lorover 18 years a„MBoA
0MR0N
CORPORATION
Advtca has beam leoatvBd tram Tokyo mat
payrrwm ot a Cash Dividend of ibn 6 50 per
than has been made lot me su months
penod ending JIM Much I0M
The Olwdena aril be pavstfe In UntW Stares
Dolors liMdopi to reeMerfe of the United
Kingdom] and iwfl amom 10 10 2559 per
Dotuarory duie before deduction of an,
Japanese Withholding Hue.
RESIDENTS OF THE UNTIED KINGDOM
wS receive Daymen m sterling convened al
die rate of anchonge ruling on Ibe dey of
Drasetnanon al die coupons
RESIDENTS OF THE FOLLOWING COUK-
TRES wtia are rnJjtea n deduct] cn of
Japanese Withholding Ta> al lha i educed lorn
d i5%.inbrw»wsaneidi«oendoiS0 2i75
per Depotiaiy share alter deduction o« vWi-
holding Tax amounting fa 50 036J
Aidtrata. Belgium, Canada. Oenmjrx.
Finland. Rarce. Germany. Italy. Malaysia,
The Nedwtanda. Mow Zealand, Norway.
Sogapoie Sweden. Switzerland. Thv
Umted Slates ol Anrenea.
RESIDENTS OF ALL OTHER COUNTRIES
(EXCLUDING THE REPUBLIC OF KOREA)
who are etUeci to deduction el Jamneco
Vfthhoidbig Tea el Ola M rate Cl null
necaiMP a nef diwdend of SO 2M7 per Oapau-
Ury awe. Blur daduaton d WimnoUng Ten
■nwuntkigk] 80.05 12.
RESIDENTS OF THE REPUBLIC Of
KOREA >rtn ate subtect to deduct**! Ol
Japanese WthnoUSofl Ta. at irw imik ad ia»
of 12-Si wJ lecomo a not dividend of SO 2252
par Depositary dwe alter doduceon c4 tYah-
tuthng Ta» amounting to SO 030?
TO OBTAIN PAYMENT UNDER DEDUC¬
TION OF JAPANESE WITHHOLDING TAX
AT A REDUCED RATE. THE COUPONS
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JAPANESE HWSTRV OF FINANCE.
FORMS OF AFFIDAVIT ARE AVAILABLE
AT ANY OF THE OFFICES LISTED BELOW,
IN TIC ABSENCE OF SUCH AFFIDAVIT
COUPONS WILL BE RAID UNDER DEDUC¬
TION OF WITHHOLDING TAX AT THE
FULL RATE OF 20ta.
Attention it drawn u ihe (act mat ihu a lore
menaoned cmeNdw relating Japanese
YMtfltaMlnci Tan apply or*, la coupons w>
Senled for payment wittiln live months ol ms
record data 1 0.28(11 Ai^ioi WO. Thcnulis*
iaj ml be deducted el Uw In" la's ol JOs
and D mill da tee responsjolurv cl teo wni* to
deni born Ltw Japarios* Xu AutnorrtJcS any
rotund ta when he re vruMud
HOLDERS OF BEARER DEPOSITARY
RECEIPTS IB D R "61 wtshing u daan ir.ia
dMaend should preaenr Coupon No Maitfte
Ctfces or any d ihe tortowno -
HE Samtid Barth LraifO.
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(Where lodgement tentt are avaUaWol
Kmotabanfc & A Luienttourgrefee.
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vnmM m-irawassa * 3.
<000 Dusodttvt
Germany
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Sutherland Hun*.
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In the case of Coupons presented for pay-
mem In London. Juried ktegitem Tii wd bo
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trod by an Inland Rmanuo Attn mat ofNon-
Hlll Samuel Bank Limited,
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London EC2P2LX.
SWEDEN
The FT propo&es 10 pub¬
lish (his survey cm
November 10 1992.
Should you be interested
in jcquirin{> more infor¬
mation about this survey¬
or how to advertise
please contact :
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CV44VMA**»WVrW*4«|
FT SURVEYS 1
U.S. $100,000,000
Security Pacific
Corporation
Subordinated Floating Rate
Notes due 1992
Notice is hereby given ihat tor
Ihe Interest Period from July 8,
1992 (O October i, 1992 ihe Notes
will carry an Interest Rale ot
o'i-R. per annum. 7ho coupon
amount payable on October 1.
1992 unit be U.S. $91-1.93 and
U.S. $91.49 respectively for Notes
in denominations ot U.S. Si 00.000
and U.S. S10.000.
By The Chase Manhattan Bank. N A
London. Agent Bank
July 8. 1992
MITSUI MARINE &
FIRE INSURANCE
COMPANY LTD
Notice (o EUR Holden
U'rtf depuxUur? shirt comprising
10 ordinary; shorts of Yen SO each!
Hinibrui Ft.inL LnnrU-J .mnounce Ihjl
l*.tup«iil No I-. prcM-nttnf rht «lm*
«J.-jl«J on the unj.;rt.int •.!■ i, f>>r iJv.
vc^r 31.1 MjicIi W i. jutiSIc
as Imm 1-th Juh ut lit-: r.ilc
if I USSh.SJ jv.-r I Vr pn-.iltirv sh-irc Iw
Jtpjnoe lit'.', j, ipjilinhlc j ri J nuy
tv pu.-wnt,.i1 i, it p iimcni .ii their
M.kI i. owner 4! Touci llill. Lon&..n
W.'JN JIIA or jr Krc Jicil’.inL
j A 1 uii-mhnui iii-mu: 4.1 H-nilci arJ
Royal Luv.-nih'iiii,
L'nupuru pr.. ^nlCil I" ll.imhrui u.nlk
LnniicJ aiuu N ti.uJ ou th. ■ pv.-.ul
liMM, lur lit,, which tfar be vhUilwJ j'
Ihc'ir Stuck C miller ,inJ when applic¬
able U k ineume l.n "ill l*e .L.JiuTC.I
at ihe rite vfiO.lQp in lire £ ..n itu flu.,
timnum «l the .Inidend tv (ore d'.tliK-
iion o( J.ipTKte " irhhiililine in.
Hambros Bunk Limited
. silt iut« i-r>: >
PAN-HOLDING
SOl'IETL ANONYMF
lUNk'MBOURC
As of June 30, 1992,
ihe unconsolidated
net asset value was
USD 295,450,727.39, i.e.
USD 537.18 per share of
USD 200 par value.
The consolidated net
asset value per share
amounted as of June 30,
1992 lo USD 554.60.
A
V
FINANCIAL TIMES WEPNESP AY JULY S 1993
INTERNATIONAL CAPITAL MARKETS
Boots joins queue of UK groups seeking long finance
By Simon London
BOOTS, the pharmaceutical
and retailing ^roup. yesterday
launched a I25flm 25-year bond
issue - the latest UK company
to raise long-term funding in
the international bond market.
The dval was wholly under¬
written by Barclays de Zuete
Wedd, which lead-managed a
E-lflOm 14-year issue by Hanson,
the industrial conglomerate, on
Monday.
However, unlike the Hanson
deal, the paper Issued yester¬
day was entirely placed by
BZW. The bonds are unusual
m pay mg 10 ‘i per cent cou¬
pons quarterly. The lead man¬
ager said the structure
matched the cash-flow require¬
ments of a handful of institu¬
tional investors.
Bankers speculated that the
Issue had been "stripped" by
BZW: the coupons had been
sold separately trom the under¬
lying bonds. Stripped bonds
are often bought by insurance
companies, which use the cou¬
pons as backing for long-dated
obligations such as annuities.
Boots will use the proceeds
of the issue to repay short-term
bank borrowings. At tbe end of
the last financial year, the
group showed short-term debt
amounting to just over £300m.
Some of the proceeds of the
deal were swapped in floating
rate sterling, although the lon¬
ger-dated portions will be held
as fixed-rate obligations.
At an Issue price of 100.325.
INTERNATIONAL
BONOS
the bonds yield around 140
basis points more than UK gov¬
ernment paper. There are few
comparable corporate bond
issues outstanding, since most
other deals of this maturity are
secured on the assets of the
issuer. Yesterday, the Hanson
bonds were trading at a yield
spread of around 126 basis
points, from 128 basis points at
launch.
Elsewhere, Confederation
Life, the Canadian life insur¬
ance company, raised £100m
five-year funds from a deal
lead-managed by Warburg
Securities. The 9.5 per cent
bonds were re-offered to Inves¬
tors at a fixed price of 99.20,
where the yield is 40 hasis
points more than gilts.
Participants in the deal said
the pricing was fair for a com¬
pany rated AA + , just one
notch below the top triple-A
credit rating, by Standard &
Poor's, the US agency.
Against this, the deal was
Confederation Life's first ster¬
ling bond issue and the com¬
pany remains less well known
in the UK than in North Amer¬
ica. However, demand was eas¬
ily sufficient to support the
issue. By tbe close in London,
the issue was trading at
around the launch spread.
Britannia Building Society
also raised £100m, from a four-
year issue of floating rate
notes. The paper pays 15 basis
points more than the three-
month London interbank
offered rate and were re-offered
to investors at a fixed price of
99.73. At this level, the bonds
pay a margin of 24 basis points
over Libor, roughly In line
with outstanding Britannia
paper in the secondary market.
in the Eurodollar sector,
Thyssen, tbe German indus¬
trial group, made a rare
appearence in the public debt
markets. The group raised
$200m seven-year funding in a
deal lead-managed by Dresdner
Bank.
Thyssen does not carry a
credit rating but is one of Ger¬
many's best-known industrial
groups. The 7l/s per cent bonds,
priced to yield 84 basis points
more than US Treasury bonds,
sold briskly to continental
European retail investors,
banks and some investment
institutions.
City of Yokohama launched
a long-awaited S130m 10-year
issue lead-managed by Bank of
Tokyo Capital Markets. The
paper was priced to yield 33
basis points more than Trea¬
suries - considered tight by
some participants In the deal,
and unnecessarily generous by
others.
• Republic of Ireland yester¬
day raised $300m in the US
bond market. The 10-year yan-
kee bond issue, lead-managed
by Lehman Brothers, was
priced to yield 40 basis points
more than US Treasury bonds.
Bankers said that the bor¬
rower achieved a lower cost of
funds than issuing in the inter¬
national bond market. A Euro¬
dollar issue may have been
priced to yield up to 10 basis
points more, although higher
fees are charged by underwrit¬
ers in the US market. Ireland is
rated AA3 and AA- by Moody's
and Standard & Poor's, the US
rating agencies.
• The long-term debt rating of
Banca Nazionale del Lavoro
(BNL) has been downgraded by
Moody's from Aal to Aa3.
About $2.7bn of - debt Is
affected. The rating agency
cited concerns about asset
quality and the effectiveness of
the bank's risk management
controls, as well as the longer-
term profitability of the bank.
Flow of new issues
set to tail off as US
demand weakens
By Tracy Corrigan
NEW INTERNATIONAL BOND ISSUES
Borrow
US DOLLARS
Thyssen Finances it
City of Vofcohamaialt
Shochiiuj Co Ltds(a)*
Amount m. Coupon %
Book runner
1 Vi-425 Orasdner Bank ■
2/lh Bank of Toyko CaptMkts
2^/1 *a ■ Nomura Inti.
STERLING
Britannia B/Soctoly(eltt
Co nfod. Treasury Servicelall
FRENCH FRANCS
Credit Foncter(b)t
Credit Foncier(c)T
Soclete GeneraJeialt
Credit Lyonnalsldlt
SWISS FRANCS
5NCl(a)t
0.37/0.27 Natwo3t.Capt.MkW
1 Vl-SSff S.G. Warburg
2004 - Paribas CapLMkw.
2004 - Paribas CapLMkw.
1993 0JH/0.037S Socle le Gone rale
1995 22JS/1&5 Credit Lyonnais
PESETAS
Eura(ima\a)t
1sbT'12 Banco Santander
#-*Privaie placement ^Convertible. ♦With equity warrants. {Floating rate note. tFfnal terms .a) Non-callable. b) Bunny Band.
Poe 3 undisclosed. No/vcal lape. c) Bunny bond. Coupon payable only In near bonds, no cash option. Nan-callable, d) Fungible
with existing French Franc 3.2bn issue. Non-callable. el Coupon pays 15bp above 3 month Ubor. C75m issued now.
remaining 25m issued as a lap alter first 3 month payment
Withholding tax agreement helps lift German paper
By Richard Waters in London
and Patrick Harverson
in New York
NEWS that an agreement had
finally been reached in Ger¬
many on withholding tax on
interest income lifted bund
prices yesterday, with gains for
both short and longer-dated
bonds. But the bund market
failed to take any further heart
from comments by Mr Nicholas
Brady, the US treasury secre¬
tary. that the German authori¬
ties are in a position to cut
interest rates soon.
Mr Brady's suggestion that
German interest rates could
come down - "not tomorrow,
not the next day, but some
time in the near future" - was
widely seen as a manifestation
either of wishful thinking or
politicking.
A sharp fall in the dollar
helped to spur some other
bond markets, particularly
Japan.
Yesterday’s agreement for a
30 per cent witiiholding tax in
Germany, reached by an arbi¬
tration committee, was In line
with the market’s hopes. No
attempts will be made to
reduce bank secrecy, stemming
fears of a capital flight from
the country. The new tax, to be
levied from the beginning of
GOVERNMENT
BONDS
next year, is projected to con¬
tribute some DM4bn in 1993
and 1994 to the German unity
fund.
The news helped lift prices
- though with a larger than
normal issue of bonds expected
later In the week, the reaction
was muted. The 8 per cent
bonds due 2002 rose to 100.20
by the close, from 100.16 the
previous day. On Liffe. the
bund futures contract, which
opened up at 88.19, eased off
during the day to end at
around 88.15.
I FURTHER sterling weakness
yesterday meant a lacklustre
day for UK government bonds,
with the pound dropping closer
to the 2.88 level against the
D-Mark.
The Bank of England was
able to supply more gilts to the
market, selling more of the 2'A
per cent index-linked issue
announced last Friday. How¬
ever, the bulk of the £700m
announced continues to hang
over the market, holding back
prices.
Ibices moved up during the
day , only to fall back to around
their opening levels. The part¬
ly-paid 9 per cent bonds due
2012 gained & of a point on the
day to 3fiTA. while the 11% per
cent bonds due 2003/07 lost i of
a point.
Losses among shorter-dated
bonds were more marked, con¬
tinuing the disappointment at
the Bank of England's failure
to engineer an interest rate cut
after optimistic signs on Fri¬
day. The 10 per cent gilts
maturing in 1996 lost & of a
point, to I03£-
■ US Treasuries retained their
firm tone yesterday morning,
and with demand stronger at
the short end of the market the
yield curve continued to
steepen.
By midday, the benchmark
30-year government issue was
up & at H)4n, yielding 7.613 per
cent. The two-year note was
firmer at midsession, up & at
101%. to carry a yield of 4J383
per cent.
For the second consecutive
day investors showed a prefer¬
ence for shorter dated securi¬
ties, with the yield on the two-
year note falling further than
the yield on the 30-year bond.
Analysts said that the steep¬
ening of the yield curve was a
reflection of investor concern
that the Federal Reserve's
aggressive interest rate cut last
week could eventually revive
inflationary pressures in the
economy over the longer term.
against the dollar. Although
the Bank of Japan continued to
signal that a cut in the Official
Discount Rate, currently at
3.75 per cent, was not immi¬
nent, the market remained
confident that a cut would
come before long. The bench¬
mark No 129 was trading late
in the day in London at a yield
of below &2Q per cent, down
from 5.23 per cent yesterday.
THE FLOW of new; equity
offerings, which reached a
record volume in the first half
of this year, was boosted by a
constant stream of deals from
the US, where companies took
advantage of a bullish stock
market to rebuild their balance
sheets.
Of a total SlSbu of interna¬
tional equities launched in the
first half, offerings by US com¬
panies accounted . for $5bn,
according to CFR Securities
Data. In the US Market, US
companies raised $4L3bn.
Bat in recent weeks the
depressed state of the world's
stock markets has taken its
toll on the international equi¬
ties. market, and the strong US
component of the market is
now under threat
Investors have become
increasingly disgruntled with
the performance of deals
launched earlier this year, with
US initial public offerings
(IPOs) down by an average of
about 8 per cent according to
bankers. .
The cancellation of a large
SSOOm Initial public offering by
Dr Pepper/Seven-Up, the soft
drink manufacturer, is the
most significant of a series of
pulled or postponed deals.
However, the market is not
' dosed, but rather has become
highly selective.
INTERNATIONAL
EQUITY ISSUES
“There are two trends: a
flight to quality and an acute
sensitivity to valuation," said
one banker.
Some bankers point out that
the new issues market nor¬
mally experiences a seasonal
lull in the summer, even with¬
out depressed stock market
conditions.
Still, a number of US IPOs
with international tranches are
under way.
The pbnra** offering for Rev¬
lon, the US cosmetics and con¬
sumer group, has been halved
but is going ahead at just
under J200m (or 11m shares).
The deal will be priced shortly.
The US tranche is arranged by
Merrill Lynch and the Interna¬
tional portion by Credit Suisse
First Boston.
Meanwhile, Equitable Life,
the US life insurance company,
hosted roadshows in Europe
last week for Its $544m IPO,
arranged by Goldman Sachs.
The' deal is expected to be
priced next week.
• Among other US IPOs. Cotn-
putervision is planning a
9300m deal, via Lehman
Brothers and GTec Holdings, a
lottery operator. Is preparing a
$150m offering, via Donaldson
Lufkin Jenrette.
BENCHMARK GOVERNMENT BONDS
(tod
Co>q>oo Dote
ia.000 tmog
a.ooo oa/oi
&500 04/B2~
9.000 11/00
0500 03 m
8500 11/02
a ooo oiAB
12.000 05/02
Prlea Owwa*
loafloao
101J2900 +0200
104.4000 +0450
995700 + 0.020
985734 +0037
085000 +0.100
100-2300 +0070
■ JAPANESE government
bonds continued their advance
as the yen gained ground
Rod WMk Month
Coupon Date Prlea Cftonaa YUM ago ago
AUSTRALIA _ 10.000 10/02 1009030 _ 8.87 S51 858
BELGIUM _ 9.000 06/01 101.2900 + 0200 8.79 . 857 857
CANADA ' _ 8500 04/02 104,4000 +0450 . 7.84 8-17 029
DENMAHK _ 9500 11/00 985700 + 0.020 859 . 007 191
FRANCE BTAN 8500 038(7 985734 +0.037 354 858 651
_ OAT 8500 HUB 985000 +0180 8.71 8-79 8.70
GERMANY _ 8000 01/02 10(L2300 +0070 755 853 754
ITALY _ 12.000 05/02 94.8300 +0510 135W 1352 1354
JAPAN NollB 4.800 06/93 965200 +0.151 5.41 659 870
_ No 129 8400 03AM 1065887 +0282 818 829 846
NETHERLANDS 0250 02/02 99.7700 _ 827 83] 831
SPAIN _ 11300 01/02 975500 +0200 1156 1151 . 1128
UK GILTS 10500 11/96 103-05 -4/32 9.09 954 820
9.750 08/02 104-25 -0/32 802 817 9.13
_ 9.000 10/08 101-H -0/32 853 <56 857
US TREASURY * 7500 05/02 104-15 +8/32 657 7-15 759
_ 8000 11/21 104-17 +4/32 7.61 750 75B
ECU {French Govt) 6500 03/02 975500 +0530 858 854 890
London dating, 'denatos New York morning eeoslon Yields: Local markat standard
1 Grose annual yhaM (including withholding tax at 125 par cant payable by non-raal-
dantaj
Only 94 companies refer
to accounts standards
By Andrew Jack
4.800 QG/99
8X00 03/M
965200 -+0.151
1065887 +0562
NETHERLANDS
SPAIN
6550 02/02
11500 01/02
10500 11/96
8750 08/02
8000 10/08
US TREASURY
7500 05/02
8000 11/21
ECU {French Govt)
Prices: US. UK in 32nda. others In decimal
TtkoMaal Oata/ATLAS Prlea Source*
FEWER than, 100 companies
worldwide make reference to
international accounting stan¬
dards in their accounts, accord¬
ing to a survey from the Inter¬
national Accounting Standards
Committee (IASQ-
The Scandinavian countries,
France and Canada dominate
the list, while only one UK
company - Ocean Wilsons in
its 1990 accounts - has made
mention, of the standards;
A total of 94 companies refer
to the IASC, Including several
from Italy, the US and. Japan.
There is also at least one Pol¬
ish company and three interna¬
tional organisations-
Mr David Cairns, sec¬
retary-general, said he was dis¬
appointed that only a very
small number of listed compa¬
nies referred to the standards
19 yeans after the IASC was
established. But he said that a
growing number were now
beginning to do so. mainly as a
result of either national
requirements to state that they
conformed with accounting
standards, or by a desire to
make their financial state¬
ments more attractive so they
could' gain access to Interna¬
tional capital markets.
MARKET STATISTICS
FT/ISMA INTERNATIONAL BOND SERVICE
Lnlvtl aeu iho lji.ni inlainailoful
U. S. DOLLAR STRAIGHTS
48(14 1/814 .
ALBERTA PRi)WfiC£4J/395
4USIPIA8 1/209 . .
BANK OF TOKYO 8 3/814 .. ..
BELQUr.l 95/393
8FCE 73/447
BURR 5/894
BFITI5M W58J.84R
CANADA 9 Rt
CCCE9 1/495
C/A 8AVIE7A FtREZY % .
COUNCIL EUROPE 8 * .. .
CREDIT F0-1C1ER 9 1/299
DENMARK 81/4 44
OSir.Wf 91/495
ECSC<j 1/4%
EEC? I/4 Rb .
EI8 7X4'*.
£ter« 1/497
ELEC DE FRANCE 9 98
EUR0CREDCARDTST994 .
EURQFIMJ9 1|4%
E7R0PT DE1/ CARP 9 1,2 98
FINLAND 77/397
FINNISH EXPORT 9 .1,-895 .
F0»D CAPITAL 9 3/4 47 .
CENcLEC CAPITAL 0 3/3*
C”4C9
SUINNES5 FINANCE 8 94
■3MBITLPN 73(494
KID EK Ji-’AN FIN 7 7/3 97
■HE? AHER 0E7 7 5I89*> .
ITALY# 1/2 94
JAPAN OE1/ Bi< 3 94
XCN5AI E LEC 1 0 % .
CfCE FIN 8 97 . . ..
ZEALAND 9 94 . . .
NIPPON CRED EK 103/895
NIPPON TEL4TEL9J/3 95 ..
ONTARIO 8 1/201 . .
ONTARIO HYDRO 11 5(8
OSfEPr ONTPO CLEAN I1. 3 1/201
p£TR0-CAHADA7U4% . ..
Quebec hydro i jh 93
1UE3ECP907 99S . .
SAINSEl/RY 9 l/.j^t
5431099
32Ae9:.:i5
CNCF 9 1/2 M
57ATE gfl NS'.'. 3 1/1 9ii
EV/EQiSrll/POPTa’.IRij
t'Or'iQ E'.Et P'l'.vEP i 3/4 *4
roK -q r:erfCPcuS » :,-44o
•.■.•CRLDC.iNT.31™y;
V. 'JPLD BANK 8 7(497
■E90'C3S->;l83i?l£. .
bonds for aiNcn diare is on adequate secondary mortal
Qq,
feoeF Bid Offer day Yield OTHER STRAIGHTS
55? BAYERISCHE VERE1NS IHT794LF1 ...
onn uKfr ?& COPENHAGEN TEL B 5/896 LFf _
IM ki iEm* WORLD BANK 896 LFr .
»0 uli U34 I7 ENERGIEBENEER8J/49an . .
So L05? 109Q tif UNILEVER 9 00 FI . .
300 107% 1071- 4 92 ALBERTA. PROVINCE 10 5/8 96 CS .. .
350 1D7N 1074 +L 7 02 BELL CANADA 10 5/8 99 (3. . . _
IDOO U0<J UO* +«. 574 .
300 109V 109A +L 5 34 EIB101/898CS — . .
IX 99t 99? 9 3S ELECDE FRANCE93/499CS... .
IX 105? i«2 -i, 6 49 FORD CHEDUCAKAOA 1094 CS .
300 UL Jljij +2 o.95 GEN ELEC CAPITAL 10 96 C3 .
So lK2 106’. +5 498 KFWINT FIN 1001CS .
1571 1091, IWlj 5 51 NIPPON TEL iTEL 10 1/499CS -
193 1071, 10/ V +i, 8 33 ONTARIO HYDRO 10 7/8 99 CS. . . ..
100 107lj 1071, +V 616 05TER KONTROLLHANK 10 1/4 99 CS ..
250 Ufc 10&2 +2 602 QUEBEC PROV 10 1/296 CS ... .
IOCO llZL 113 *2 6J8 BELGIUM 9 1/3 ■» Eai. . .
ZX lloij UO r« ♦(, 6 70 CREDn LYONNAIS 9 96 Ecu . .. .
325 10*2 107*1 578 DENMARK 7 5/896 Eni. . . .
100 UOJ, 1111, +i, 6 01 . - .
150 LL2Q 1131. +V 6 84 DBl097Eoi .
200 104* 10$ 2 +2 659 TO>R0 DEL STAT10 1/8 98 Ecu .
200 UCV 1W-| 5 81 ITALY 103/4 MEcs .
250 110m UJ*i 7 05 UNTED Kin0MM9 UBOlEcs _
300 111 lllV ilj BfAMEPJCA 121/496 AS. . .
200 loa 108 ’j +3 659 COMM BK AUSTRALIA 13 3/4 99 AS. .
200 LOSS U»'l 4 99 EKSP0STF1NANS12M95AS....
200 104:, 105), n 4J[ EUROFIMA 14 5/894AS .
200 104 is URL 673 MCDONALDS CA/WDA 1595 AS ..
200 105S 106 *Q 605 YAT AUSTRALIA BANK 14 3/4 94 AS. .
ISCO 1071; 10/i 4.95 STATE BK NSW 14 1/4 99 AS . .
1!Q 105S 106 -H, 4 77 UNILEVER AUSTRALIA 12 WAS. . ..
3Su 112 \ 112% 617 VOLKSWAGEN INTI 15 94 AS .
200 104 L 105 6 86 ABBEY NAU TREAS 13 M 95 £ . .
R50 107'j 10$', 503 ALUANCE&UEiCSU 3/897 E .
ISO 110+ mb -V 655 egTISM GAS 123/4 95 £ . .......
200 109 , 109t .5 5 46 BRITISH UNO 12 1/2 16 C .
600 105 V 106b -b 756 D£UTSCHEBKF|NU94£... .
2M 109b 110S +b 512 . .
200 10/V 108 N 7 27 3-UANO 10 1/89/1 .
SO 104 V US ? S.97 IMUTlOICMi.. . .
160 m? U2< *4 730 UW0SE<39U2D7£ .
200 IX \ 1091, 7 06 NORWAY 10 1/2 94 £ . ...
150 M4V 110b +b 6 51 ONTARIO 11 1/80! £ . .
<’« :09b UOL 8 05 SEVEK) TRENT 11 1/2 99 £ .
500 109 . .u 07.1 SKA/5 CtlWAViSKAENS/C 13 1/8 95 £
RISES AND FALLS YESTERDAY
LIFFE EQUITY OPTIONS
Issued Bid
600 944.
600 98b
1000 96b
500 102b
500 105b
500 109b
150 110'
500 107
130 108b
275 103
100 105 b
300 107
400 108.
200 109b
500 U14,
150 110%
200 109b
1250 100b
Mb
93b
96b
U2S 103%
500 103b
1000 103 b
2750 101b
IX 112b
IX 123 b
75 113%
75 113b
100 113b
150 Ulb
100 1241,
150 114'
100 11
100 108b
IX 104b
JX 1C6
ISO i(
225 101b
6365 102"
at 7 OS pm on July 7
Che.
Offer day YleH
9Sb 9.96
99b 9.15
97b 8.99
103b +b 8 16
105% +b 8 U
IXb +<, 7 49
Ulb +b BJ5
IX b +% 7i9
109', +L, 8 09
109b 8 22
1» +b 7*6
IX 7.71
109b +V 8i»
110 +% &M
U2b +b 3.49
UO, +S 625
110b +b 649
1X% 9.01
BrlUsh Funds . . .
Rises
Fails
56
Same
14
0 tiler Fixed InteresL .
. 1
3
1]
Commercial, Induttrlal .
. 216
405
82C
Financial & Properly .
. 107
177
51C
Oil & Gas .
. B
24
55
Plantations .
. 0
1
8
Mines .
. 19
52
79
Others .
. 38
47
46
Totals .
. 401
765
1,543
Option
M
0d
4m M
Oct
4m
B*Um .
Am Nh
M-Ate
Hm
W
W-
D«
Mr
s«
Die Mir
AIMLjOB
600
37
62
74 3b
26
21
BAA
600
75 95 KM
3%
B
U
- Eaatannri
330
38
54
67.
19
28
35
«aii
650 6%
32
44 26
40
45
P661 )
650
32 57
69
13
24
29
F340)
360
24
39
52
35
45
50
.700
1%
15
26 75
/5
77
m
U 32
43
45
52
55
ASDA
20
U
11
12 1
Ur
2
BAT lads
TOO
52 67
87
10
22
28
Qaxo
660
60
80
94
22
38
50
(*28 )
25
6
7
8% 1%
3%
3%
(*740 )
750
19 40
59
37
47
52-
JO
2 .4%
6 3%
5
7
800
6 22
38
79
8S
87
HIHstam
140
21
27
28
4
7%
B
BTR - . .
420
49 . 54
64
T
8
9
(151 )
UO
9
13
19
12
17
19
BriL Airmen 240
29
40
45 -1%
6%
11
Ctoll
460
18 28
39.
11
23
26
P266)
260
12
26
33 5
.14
19
500
5 12
21
41
49
51
Lute
70 8%
12
15
5%
7%
9%
200
4
16
24 17
24
29
Bril. Tricon
330
2D 27
33
7%
13
16
(*73 1
80
4
8
U
U
14
15
SnKI Bet-
{“346 )
360
4 13
18
2/
30
32
MMand Bk
cAon A
1*8797
000
850
85
40
110 U0 2
74 97 7
12
27
22
38
P458 1
460
25
42
-
22
31
-
12 46 67 30 51 U
97b -b 991
104% -b 8.91
LONDON RECENT ISSUES
25 44 50 3b U 15
3 « 20 23 29 31
500 .• 6 17 28 38 X 43
19 - - 7
4b 11 16 22
9J5
923
+L 890
EQUITIES
2X 109% UOb ♦% 8 n SEVEK) TRENT 1J 1/2 99 £ .
SCO 1091 110% -b 5 70 SKA/iDINAViSKAENS/C131/895£.
ISC 112 ] U3b 1-b 682 TOKYO ELEC POWER 11 01 E .
CCC 107 107. *b 645 WORLD BA//K 11 1/4 95 £ . -
.-AA in?', i, hi! ii. col BNP L29AH7A
.</'/ 107 107, »b 6« WUWUJB«/JKUl/AY5t .
TOO 107% !Q8b »b S96 BNP 1296NZS . .
WC IX b 109b »b 6 24 WORLD BANK 1494 NZS -
(AT*. Kin a.i a ■»* (TPMf miKrc.
400 106b 106*1
2X 91b 92
200 101 1, ID I
IX 108% IX
150 107 107%
ICO 106b 107b
150 106^ 1Mb
IX 104% IC4j
112% +% 825
1Z3, +b 9.14
113% -% 719
114% +% 642
119% 7.66
112% +% 663
124% +% 9 47
1146 +% 0 70
113% -% 6 97
KHS 9 68
10 S3
iu/ <ii 958
108% -% 1184
lXb 9 63
103% +% 917
103b 9.34
1C67, -% 9.76
92b -% 1062
lDIb 9J7
lXb 963
107% +% 10 06
107% +% 997
Ann:
19S
Fid
fcwmc
o»
Date
H«h
FP
_
4
F.P
—
143
-
32
«■
98
FP
-
33
F.P
-
106
-
84
-
99
F.P
F.P
-
F.P
FP
"
-
122
FP
FP
”
U
138
IP. 200
t°214 1 220
BrUiNSM 60
1*63 1 70
U 27 31 3b U 14
4 16 22 U 20 24
Eaten Elec' 280 12 20 25 14 18 Z1
1*288 1 300 4 13 17 29 32 33
(*1129) 1150
79 123 150 35
50 93 1» 60
5 8 10 2% 6 7%
1 4 5 ID 12 12
Cteiog ** Net
Price - I Dhr
13 36 45 M 19 30
2 14 22 -52 53 60
Sahaea 900 47 60 71 Sb 14 17
real 550 15 30 43 26 36 38
13 18 21 6
4% 9 12 18
Bl*W Wllktf Wtt loSut) ..
Cunwy Casals ... ..
DinerA .. . .
EFH/awnTa _
Do WarJflc _ _
Giomscrtai . .
KutemnEuatn/aORl .
DoUnlU _
Do Zero Dn Prf _ .
KcmnadAppIlucB . ..
lAUnAnilEC& Apsr.lt .
MlGRecorsylnc. -
DP CmIUI . .
tv CmwI Uf.lK . _ _
DO Paboelhrin .
M flhrfraz Warms _ .. .
v«a — . .
GEC m 18 22 25 4 7% W
1*2361 240 4% .11 15 15 18 20
1112% 15 6%
5% 7% -13%
W35 23 3.3 17J
C 6 Wire 500295162 413. 19
P523) 5M 4 2435 31 3842
B4JJ - 5.7
RJ.O - 3.9
- - 4.1 1
Cartarith 5M 28 48 59 4 14 20
rS24) 550 3% 23 33 30 38 43
Com. DAn 420 58 63 71 1 4% 7
(*474 > 460203344 31520
20013% 18 23 3 7 10
220 3 9 1313% 18 20%
UO 25 32 36 7 14 17
180 13 22 27 18 24 27
12 14 16 2%
5 7% 10 5%
21 27 31 5
11 16 21 13
Law Ms UO 10 14 15 4% u 12
W75 24 3.6 14a
Ftsoos 2D0 17 33 40 6% 18 26
1*209 1 220 8 23 30 17 29 36
8 11 9 17 19
n.n - W -
F3.re - 4A -
GW 3U 18 2B 38 3% U 19
(*3721 390 4 14 24 22 3T 36
12.29 L9 12 20.4 SS?,U!L S2 £ 32 ' ^ iS "
WC IX », 109b *b 6« WORLD BANK 1494 NZ5 ...
790 107% 107% *b bS CEPUE10 95FF,
15X 1M% IX b -b 7 X ELF-aquiTA/NE 9 W FFr .
1SC0 UOb UOb *% 6 27 EURATOM 75/898 FF, ....
ICC 105% IX b »% 6 92
X 112%
75 UO
2000 102%
113% +% B 13
600 100b
500 93b
IX? -b 8.92
5QG
i'.*;TpiA*.;/499
750
c:iP2 iz-ici
200
OEUT'LWE -INA:*C= 7 1,-2 95
Ei35!.4 93 . . ..
490
EiSb'.'-JW
EVB0Fir.1A.JJ,'4%
FIFS7 INTERSTATE bVi'-b
IY02Y ja?4.,/7IN55l8r« ..
200
I'.TEB i?.i£R DEV 400
MO
ip.laijdbI.'Zv; .
300
LlFTHiriSAUITFlf, 57/393
500
(JAT £K HUNGAiY/ 10 J.J'ig
SCO
QtJEScC HYORG 1 5-3 01 .. -
«K
5V,.'E9LNaL,34i .
100
TijFKcf 10 1(416
%
><QR'-DB4(JKQ15
2CC0
•.•.OSLO 3A(« 53/4% .
3CG
'.VORLDBA5ii81'iOG . ...
1250
5WISS FRANC STRAIGHTS
4ji4NDEV8A!/l|,6U
100
A-JCT3IA45/0'ia . ..
UO
C HUBU ELEC PO-VER 6 3/4 01 .
330
aiiriCiLZi/RCPCAWSa
210
EEC 5 1/2 SO .
100
-b 8 51
♦b 8 31
828
+b 8 43
807
♦ b BOb
815
1016
-b 8 9]
♦b 8.14
838
-b aw
10 75
843
+b 843
-1 LG 75
722
*b 7.X
♦b 7X
EiE6!/29e
ELEC DEFPAUCE 7 1/4 06 . .
FiVu»N053(3',-5
GENERAL WOTOPS 7 1/2 95 .
li?AaO=.VEK31|2T4 .
*T]BE 6 3(201
NEW ZE&jr.O 47/899
QuesECHYonosce
WORLCCANFSO: .
'.voRUJCArinroi .
IX 87 871,
ix <n 9i
330 96% 9/1;
ISO 83% e?»«
IX e9 90
m 97% 97 S,
IX IX % 102
150 94 94%
IX lull IQlb
m x %•.,
2« 941, 96%
IK 37 S7.;
FLOATING RATE NOTES
ALUAACE & LEI CS0G8 94 E .
BANCO RQMAO 0301 .
BELGIUM 1/1697 DM .
BFCE -0 0296 .
BNPX .
BRITANNIA 1/lOXE .
CKEOb ECU .
CmiENSFEDOlSX .
CREDIT FONOER-l/UX. _
DENMARK -1/8X . .
DRESDNER FINANCE 1/3298 DM
ELEC DE FRANCE U8 99 .
FERRO DEL STAT 94 . . . ..
HALIFAX 1/1094 £ . .
IRELAND 98 .
ITALY X .
LEEDS PERMANENT I (8 X£ .
LLOYDS BANK 1/W PERP S J .. .
MITSUI ft NASA 1/3 X . . .
WTWE5TF1N 3/1605 .
NEW ZEALAND 1/896 .
REMFEW... .7 .
SOGETE GENERALE96 .
STAfEBK VICTORIA 0 05 99. . .
UNITED KINGDOM -1X8% .
YORKSHIRE BS 1/10 94 £.. . .
FIXED INTEREST STOCKS
Issue
Anuxral
Prto
Paid
t
*9
m
*
m
100g
FP
100p
-
FP
UteH
1992
Dali
AX
ix%d lOObo
an Waller Ver Ru 2nd Prf '00/07 _ L
>. 8», pc >d tavOwCY Prf 2X77/20 _. I
spee olll% Ce* ULS 94^7 . 1X1-
pMWclal QolooSliPeCinlmlPf ... UMl
toan ttrr Tst Zoo 01* Pf _ _ _ ID*
&GRn3HrY Zero Dir Prf lp.. - - U
(*456 1
475
3%
18
-
22
32
ICI.
L100
54
79
110
4b
X
38
(11441
LUO
18
SI
80
21
56
63
Kbqfifter
460
15
35
46
7
U
26
IM701
500
4
18
25
27
44
49
Ladbrake
200
U
24
28
5
U
19
.(*2041
220
4
1A
19
18
27
31
Land Scar
390
17
31
38
3
9
13
IMOl 1
420
2
14
21
21
22
27
MiS
300
21
34
41
2
5%
0b
ru9 1
330
4
16
Z3
14
17
21
Sriodwy
420
42
55
63
2
6b
10
M54)
460
U
u
38
9%
18
23
SWlTrara.
4M
41
30
38
1
7
9%
1*497 )
500
S
20
32
U
22
25
420 Z3 30 42 14 31 35
460 7 13 25 42 M 62
110 12 -19 22 5 8% 10
120 7 M 1810% 13 15
220 24 28 34 2% 6% 8
240 10 16 22 8 14 U
TtonEMI 769
1*776 1 819
T5fl 130
(137 > 140
28 - - 32
8 - - 72
12 16 IB 5%
6% U U U
tof Reefs 40
(*$44 I . 45
Wcdcrne 900
MW) - 950
52 83 107 X
30 60 83 70
47 64 15 28 33
25 39 47 37 62
Scot & New
(1621
Tew
1*259) . i
Tb a Mef
Water .
<•435 J - «
26 36 18 26 29'
12 19 52 55 56
32 39 2 6 7
19 25 7% D 15
HIM FT-SE INDEX P2494)
2325 2375 MZS 2475 2523 2575 2625 2673
CALLS . ~
M m 125 79 38 13 3 1% 1
**} 190 147 108 75 48 27 14 8
Sep 206 1M 125 91 65 42 27 16
Dec . 268 - - 193 -130 - » -
Mar 305 -233 -170 -120
Ja»33Q -265 - 2M -ISO -
24
5
38
17
43
23
6
29
14
34
18
38
PUTS
Jri
£
2b
ID
5
17
8
27
18
43
44
M
85
91
133
128
182
171
34
46
SO
3b
8
12
Sep
-16
24
34
49
70
«
129
169
15
27
34
13
20 ■
24
Dec
28-
“
52
-
88
135
45
—
A)
-
95
—
140
_
Jm
50
-
70
-
103
-
145
-
m- fce Mir So tK Her
260 -22 31 35 6 10 13 .
280 11 19 24 16 19 22
300 4^1 12 15 30 32 33
Surebeuse UO U 18 3 3% 6 10
Pl»i 1« 31» U 1? 6 12 14
30 8 9% 10% 2 3% 4
38 S. 7 8 4 5% 6%
« 3 56% 799%
RIGHTS OFFERS
WW* X 13 22 26 4 10 M
1*89 ) W 7% 17 20 8 15 19
lave I Aram | Lueft
P*I4 Rtwnc _
co Dae* Hi$n
Oostoj
Price +5
• a-
m. BHadti 330 30 41 45 2 6 8%
W58 1 360 6 19 2? 7 17 20
3M 37 44 48 4% B% 13
330 15 » 30 17 21 27
360 4 13 16 39 42 46
900 43 75 X 3% 16 22
WO U 43 W a 96 42
.194 M » - 5% 9%
213 12 19 - 14 u
232 5k 12 -26 X
PT-«E MMX mm
23W2P024W 2450 23BC 2958 2408 2656
nut
M 2021521035822 6 2 1
Aog 215 166 LS X 58 34 18 10
5? 227 183 143 107 78 S3 33 21
oa 2C an 165 130 IX 74 S3 36
Dee 282 - 206 - 142 - 87 -
,J«135S -290 - 225 - 170 -
pirfs“ ' - -
« 1% 2 % 5 10 a 65 U4 164
S ■ .2 S 2 32 53- M. 120 165.
fS ii J? 2? « U 91 la 167
'2 ® 56 53 73 97 130 168
DK _ » - 48 - 88 - 145 -
IX 73% 74 1
iX Ulb
YEN STRAIGHTS
W3T7IA43MW
CREDIT njNGCS 5 1/494 .
GEF;L'A3y74S .
t.i845lR,«
ELEC DE FRANCE 55/8%
FINLAND fc:/4 44
'(KLRAUER 0r/7L'JM .
FANCAi ELEC P'.VP45/?94 . .
NIPPON TELG Tfcs 7/096.
:!5fl’.NAYbl,'895
5-iCF63f4M
57/tOEN 5 5?8 45 .
l'-'OliUieo;jF6J/4X.
3 OM 1M% IX %
20X0 10Gb Ulb
4QGX 106% 105b
40000 IXb 101
2C0G0 102% 102%
50X0 104b 1041
30X0 UO UOb
bOOX 99% 1XU
5WM 102% 102%
50X0 lXb 101
300M 107b 107b
20X0 101b 101b
50X0 108 10BU
COHMEHTIBLE BONK
BJRrmOMUP4 3/4DlC ...
CHUBB CAPITAL 6 X .
EASTMAN KODAK 63/B01 -
GOLD KALGOORUE 7 1/2 X .
HANSON 4 1/Z ME .
HAWLEY60ZPPEF .
HIUSD0WN41/S02E . . .
LANDSECS&3f402£ .
LASUD73/4ME - .
MITSUI BANK 2 3(803 .
MOUNT ISA FIN 6 1/2 97 .
K0EN602 . - .
SEGA ENTERPRISES 3 1/2 96 ....
SMITH & NEPHEW 4 02£ .
SUMITOMO BAN K31/804 .
I&AS INSTRUMENTS 23/4 02...
THORN EMI53/404£ _
BW OHer
133%
1C6% 137%
1GL 102
90% 91%
102% IGZb
IGS ICtb
120% 121-
31% 82%
101% 102b
124% U5b
XT, 62 ■
43* 94%
121% 122%
Horn ass . Llpn
bam SeUcen . bpn
HFY OAteWKCAMMs . 35m
bpn DJrWWOe tw TR Uu _ _ _ %M
AW tor Fih A* Her M
VO » 28 32 4 9%U%
860 12 17 a 12ia% 21
3*1 K' - 80 -111) -165 -
13cm 13pm WaHryJenMiB . . . . Uni
2pm Jbw MciwnflHaUdm . . . 2pn
® * J/J ' * 1pm I bm iMampal . . . I %m i
4 tanulixd ITiiwa: bFi^resbnedenpHKpeasesl<riat(s dDf>Mep4nteBiMarsinbbaBpinMaslW,
sneer tew sn firttend ea bn uaui 9 Assmrt «Wdtm ud /Wi q EirtUun taman snSatUr *
nu. wr Ued m annioui «r's evnN». t O-dWwd. F Brand
Dlrl4ffj 3Pj »i^ aa/ ar ETOCOB or oLW ofNeul enimaw tv 199T-92. N MvMert «pfl yieM bWd M
. I %j»1
QaWtaaHnMGBM,
n preSalHy fjowts- V
O-dWWd. FBMdesd
Brit Am 2M 27 33 42 n 23 30
P2311 M 15 25 31 23 34 41
860 7 J7 20 37 47 57
.226- 14 23 27 16 2Q 23
MO 7 IS M 38 33 X
FT-SE tote CallT4J87 Puts 4257
Em FT-SE Cells SttPus LfflT
UO lete CelbO Pin 0
yMerWcsacarltr price, f Lung GraO eq*T mUs
wmttim sum m hud n HUddle prtas.
emet n Ktwtrsfctuw. f url sen asuriua wrteL * nued m omoim wta
leoOJBfcnlon. nurjir v uiK*r pm Pmi j| 3 prewom, * Dolt) mtefsto 1 On). Mfl2mBi.M.teeI
* No InfonaaHort auaRaM - previous day s pries
t Only ana ma/tol msksr supplM a piles
Mmm BOMQS: THd i\cM u Oio yield u radampOon a t the bid-prica, ma amourn laauod is m nadiars 9> eammey units. Oig oay-cnsng* on
FLOATING RATE NOTES! Dohsriihm in deiift/i unwss atnarwlss ir/UcgiM. Coupon enown la mliUinuns. Sprasd*1 Margin abora s-rrt— pQ-
oncroa f.ito iimw-momh SaBow moan ratal lor US dollars C con -Tfi* curronr coupon-
CONVERTIBLE OCHOA; OcmcminaM m ocriiars uniass oihsrrrts* Indiealaa Cnr. pries ■ Nominal ameuiff el bend par tiuus sypratssd la
svrrqney d snare ai ear.ors/on ran lined at Imuo. Pram-PsrtwlAfl* piamium of ma Eurran: atfacuvs one* o t acouima anarsa via ns bond
nr". Hi, nwi-rt rncnm onda « ms enaroe.
■' Tr« Fin.incl.il Tima Ltd . 1992 RecrodiKliap In whsU V ’In part in any form not permit led wlihout wrltiff coesant.
Dau senuilHMl l» lrmrnaiieaal..SepirlUet Market AHoctatian.. ^
_ TRADITIONAL OPTIONS
• Flrai OaaJInga July 6 - - s~
• Last Daallrigg July 17
• Last Dodarations Oct 1 "JJ®
• Por aetHement Oct if
5-month call rato Indications are
also shown on this pegs. cianw Few a
Calls in Qfwsfasm TSlseompoHflfl,
HarWOM, MstteWr Quoatw Meat
Houses, Tarmac, Tralaloar. House
and Williams Hldgs. Puts In
Clarke Foods and Storotaous*.
■ WDUSTAIALa
AMtad-Lyont _
Anutrnti _
ASH (S3fi) .......
BAT Inda _ _
BOO -
BTH . . .
Barclays _ _ _
Biwi Circle
Beets - -
Bctwalar . .
Brit Ainapia „
amah Steal .
HT . . .
CadDurys .
TBADmOWAl. OPTION 3-month Mll
P Charter Coes.
48 Comm Union _
* • Coufteuld* „™..
3 Eurotunnel _ _
58 FK1 _ _
S3 FNFC _ _
38 Forts
20 GKN, _ _ _ _
24 StnAaddsot--
34- QEC _ _ _
M UlBM ■i.i.w,!,.,.,
sa Grand Met _
2 — » —
® Hanoen _
38 (Cl _
S/ Lodtxoko
34 Legal & Gen _
A3 Lex Sdrvtao _
^2 Lloyds Bank _
. 8 Lonhro _
7 Luces inds — .
.18 Marteapancor
.33 Midland Bank
38 NaWoat Bank_„
17 P & 0 Did
52 Rat*) aecu...
•33 BHM _ _ _ ;.
13 Rank Org _ _
16 Rainor*
85 Rood inti. _ —
18 Sean _
. 28 SfliKl Bcbm A „
. 22 T1 _
32 taa _
12 Tosco _ _
12% Thom ad . .
27 T&N - -
30. UnHevsr
26 Vfcfcaps _ _
37 weHcome
■PHOPBHTY..^
18 Brtt Lend
56 Lund Sec
. 3 ME PC _
44 MouinHrtgh
■ OILS _
Aviva Pat _ 25
BP - IS
BurmehCastreT, 48
Conroy Pet 6h
Gaelic. Res %
Premier Cons. . 2L
.Shell ^ _ _ 35
Tuslcar Res _ _ %
■ MINE8 _ _ _
RT2 _ _ 47
■irk>
FINANCIAL. TIMES WEDNESDAY JULY 8 1992 $
COMPANY NEWS: UK
gives
45% and
;rs rebate
By David LeseeMes,
Resources Editor .-
SEEBOARD, the electricity
distributor serving south-east
England, yesterday reported a
sharp increase in profits - and
immediately promised a mini¬
mum £10 rebate for all its cus¬
tomers.
Mr George Squair, chairman,
said that the rebate and recom¬
mended 17 per cent dividend
increase "provide evidence
that privatisation can bring
benefits to shareholders and
customers alike”.
Seeboard's pre-tax profits for
the year ending March 31 were
£98-4m, up 45 per cent from the
£67.8m given, in the pro forma
accounts for last year’s privati¬
sation. This amounted to earn¬
ings per share of 53-Sp, up from
36.5p.
The company's mainstream
business continued to grow
despite the recession.
Electricity distributed rose
by 1.4 per cent, and the aver¬
age tariff increase amounted to
L9 per cent The distribution
business made a profit of
£91 .5m. up from £64^m. Con¬
trollable costs were reduced by
3.6 per cent., v J.-; -. .
The supply business made a
profit of . £4.3m, down from
£7im because; of (he: squeeze
on margins. ■ ' ' . .
. Seeboard :has regained 31
large industrial customers in
its area, but Mr Jim Ellis, chief
executive, stressed' that See-
board -only ' accepted business
in thte market'if it was profit- -
able.
The ' non-regulated busi¬
nesses saw their, contribution
M from £19m to £2m because
of the recess&Ht V.
' Retaiflng.turnover was up 11
per cent to more than £S0m,
and electrical contracting work
rose to £26m, up 15 per cent.
Seeboard' is ; also expanding
into the power.generation and
gas distribution business.
. Seeboard’s dividend increase
is tie largest so lar proposed in
this round ■ of electricity
results. The final pay-out will
be ]&25p making a total divi-.
dend of 17.25p. Dividend cover
In erased from ZS to 3-L
Mr Ellis said, the result
pointed to an underlying
growth in . the business of
about 1 per cent.
Mr Squair, who will be suc¬
ceeded by Sir Keith Stuart in
September, said: “Seeboard has
come through the testing Ini¬
tial period which followed flo¬
tation with flying colours."
• COMMENT
The £10 rebate - which will
cost Seeboard about £20m -
will be seen as a stunt to
deflect attention from high
profits and the most handsome
dividend increase seen in the
sector so far. But the real rea¬
son is the regulatory system
which requires regional elec¬
tricity companies to set their
tariffs on the basis of forecasts
of costs rather than past his¬
tory, and Seeboard overesti¬
mated them. Even so, this is
one of the best electricity com¬
pany results to date, showing
underlying growth and a well
covered dividend. The stock
market seemed to think See-
board’s concern for its custom¬
ers is good for business: the
share price rose a few pence to
330p where the yield is 5 per
cent, one of the lowest in the
sector.
Hillsdovvn
acquisition
gets MMC
clearance
By Angus Foster
THE MONOPOLIES and
Mergers Commission has
cleared Hillsdown Holdings’
purchase of the fruit and vege¬
table canning and ambient
stored meals businesses of
Associated British Foods.
The MMC said the acquisi¬
tion gave Hillsdown substan¬
tial market shares in those
sectors and for individual
products. Hillsdown and
Anglian fanners, one of the
i businesses acquired, had com¬
bined sales of £130m in 1990,
equal to a little more than half
the total UK market for
canned seasonal vegetables.
But the MMC found Hills¬
down was unlikely to be able
to exploit its position because
of the buying power of multi¬
ple retailers and competition
from other producers.
The MMC also decided the
market for ambient stored
meals would not be damaged.
Competition was provided by
branded products and by chil¬
led and frozen meals.
Yorkshire Electricity improves to £142m
By Juliet Sychrava
YORKSHIRE Electricity
yesterday announced one of
the more modest profit
increases of the sector report¬
ing season.
Pre-tax profits for the 12
months to March 31 amounted
to £141.9m, a 21 per cent
increase on the previous year's
pro forma figures, giving earn¬
ings per share of 4&3p.
A proposed final dividend of
I2.53p lifts the total to 17.76p;
the company said it expected
to maintain real dividend
growth of between 5 and 8 per
cent.
The reason for the modest
underlying growth in earnings
was that the company was not
forced to push tariffs up as
sharply in April 1991 as region-
als who had undercharged the
previous year.
The main distribution busi¬
ness contributed most to the
profits upturn, making operat¬
ing profits of £135 .3m against
£107.4m.
This was mainly due to
higher tariffs, but about 1.5 per
cent of the increase came from
a modest 0.9 per cent increase
in volumes sold.
Costs in the business rose by
about £4m net, after a saving
BOARD MEETINGS
The foUamng companies haw* notified data
at board meetings to tiis Stock Exchange.
Such meetings si* usually held tor the pur¬
pose at considering dtwktsnds. Official bidca-
Uons are not available a to whether the
dividends are Interims or finals.
TODAY
biterims- Gardiner. MAG Dual Trust New¬
man Tonka.
Ftnate- Bespak, Bogod. Budgeoa, Dixons,
Eastern Eteortdty, French Connection, uib-
bon Lyons. Hollas. Tops Eatatas.
FUTUftC DAT** •
Marimo-
Abartortii Smaller Cos _ July 17
Simon Engineering _ ! - . Aug. S
Trust of Property Shares - July 13
Brosway _ _ _ _ .... July ■ 16
Shield - - - - - - — July aa
TornMna _ _ _ ..... _ July T3
of 2 per cent real, or about £3m
after 100 jobs were cut. .
The supply business saw
operating profits fall to £&9m
(£14.2m). Costs rose as the
company made a £8m (£3Jjm)
provision for bad debts and
spending on customer services
rose.
The retail business incurred
a loss after a bad debt provi¬
sion at the interim stage of
about £10m, but was now trad¬
ing profitably.
Contracting and other non¬
core businesses matte a «rnal1
contribution.
The company expects little
improvement in electricity
sales, but fairly consistent cost
and job cutting.
The gas marketing business,
set up last month, will begin
earning in August
• COMMENT
Yorkshire deserves a prize for
avoiding the cliches of every
other regional company about
matching shareholders' and
customers’ needs. It has a good
record on customer service and
its tariff increases this year are
the second lowest of the 12
companies. Thus, it can afford
to express confidence in the
regulatory formula by charg¬
ing customers the maximum
allowable. This strategy of col¬
lecting a bit extra in advance
has pleased shareholders,
made sure the supply business
is in profit and cushioned the
company against unexpected
cost increases. But given that
the regulator yesterday empha¬
sised that he would clamp
down on companies’ charges to
customers If he thought they
were not cutting costs enough,
Yorkshire's 2 per cent real cost
saving might look a little mod¬
est. Analysts expect pre-tax
profits this year of £155m-
£160m, putting the shares on a
prospective p/e of 6.4 to 7.9. A
dividend of between 19.5p and
13.9p is forecast
HiEimn
n
INISTIT
3i GROUP PLC
91 Waterloo Road, London SE1 8XP
End of year statement by the Chairman, Sir John Cuckney
“It is gratifying to be able to report that Si baa increased ha net asset value per due despite the difficult recessionary
times experienced throughout the year under review. In tbe last five years 3Ps growth in net assets has out-performed
die FT Actuaries All Share Index by 5% pa.*
“We are currently experiencing die early signs, albeit patchy, of recovery from recession, but it is most unlikely to be a
smooth and trouble-free emergence from sack a long and, initially, underrated recession.”
“In our last financial year we invested £42 4m, of which £2tSn was invested in the second half of the year. This increase
did not result from any relaxation of our investment criteria bnt from a significant improvement in the quality and number
of investment opputUuuties. lam frtrther encouraged by the fret that there has been a substantial reduction in provigio ns
created against investments compared with the previous year."
Summary of .audited results for the twelve months to 31 March 1992
Shareholdcn’ (ends
Net Assets per dune
Total return alter tax:
Year to
31 March
1992
1,268,189
Year to
31 Match
1991
1.22M81
Revenue surplus
Investment reofioatMMi profits less la
Unrealised appreciation
Other movements
Total return after tax
Dividends
Total movement in reserves
income from investment assets
Other income
Net interest payable
Operating costs
Revenue before tax
Tax
Minority interest
Extnardmary
Revenue surplus for period
i and provisions
203,119
28,773
(133,650)
(58,158)
237,693
25,432
(149,459)
(69.688)
Investment mKeation profits less losses and provisions.*
Realisation profits less losses
Provisions charged less releases
Operating costs transferred from revenue
Tax
Minority interest
Extraordinary *fMmc
111,152
(157,828)
(17,759)
28,743
QureaHsed appreciation i
Investment realisation profits less losses sad provisions
i movement:
Released on realisation
Change in value of investments during period
Minority interest
Deferred tax
Thk is issued by 31 Group pic which is an authorised institution under the Ban Mag Act 1987
rad is regulated in the conduct of investment basnets by SIB.
Cellnet helps Securicor to 97% growth
By Roland Rudd
A SHARP recovery at its
Cellnet mobile telephone sys¬
tem during the half year to
March 31 helped lift pre-tax
profits at Securicor, the secu¬
rity, parcels and communica¬
tion company, by 97 per cent to
£26.6m compared with £]RSm.
Sales for the half year were
£288m (£275m).
Cellnet, which is 40 per cent
owned by Securicor and its sis¬
ter company. Security Ser¬
vices, produced In its second
half pre-tax profits of £57m
1 (£30m). Celinet’s contribution
to Securicor's operating profits
was therefore increased from
£12.1m to £224m.
Mr Roger Wiggs. chief execu¬
tive of Securicor, said Cellnefs
result was based on the popu¬
larity of its new call-back mes¬
sage system introduced in
November. Although it was
introduced after its main rival,
Vodafone, introduced its call¬
back system, Mr Wiggs
described it as the "most
sophisticated” in the market.
Benefits from Cellnefs call¬
back system helped offset the
£3.33m (£5.i9m) loss from
Securicor's other cellular
operations.
Operating profits from par¬
cels delivery increased from
£I.97m to £3 .98m following the
group's decision to offer a
higher premium service. Its
Toe Giflaroi
Roger Wiggs: call-back message system proved popular
sales were £110m (£l02m) and
22 parcels were delivered to
each customer compared with
an average of 1.8 parcels. Since
the acquisition of most of Fed¬
eral Express' UK operations
Securicor has 15 per cent of
the overnight parcel delivery
market.
Security profits fell from
£4.36ra to £3.45m as the group
took a £860.080 redundancy
cost over the closure of its
West Drayton office near
Heathrow.
The interim dividend is
increased to 0.668p (O.BlSp).
Earnings per share increased
to l0.8p (7.1 p).
Security Services. Securi¬
cor's 50.75 per cent subsidiary,
made pre-tax profits of £ I8.6tn
(£8.8m). Earnings rose to 9.8p
<5.6p). Tbe interim dividend is
1.394p (1J291P).
• COMMENT
An 8 per cent dividend
increase against a 97 per cent
pre-tax profit increase looks
rather mean. It should, how¬
ever, be remembered that
Securicor only derives its con¬
tribution from Cellnet in the
form of an after-tax dividend at
tbe year end. That dividend is
unlikely to top £15m. Nonethe¬
less. investors will understand¬
ably be disappointed if the
group does not raise its final
dividend by more than a 8 per
cent. Cellnet's figures, while
better than anticipated, need to
be put into context. For the full
year to March it made pre-tax
profits of £106m compared with
Vodafone’s £272m. Cellnet
argues, with some justification,
that the figures are not compa¬
rable since Vodafone is sitting
on a cash pile. Yet Cellnet still
has some catching up to do.
With Securicor’s forecast pre¬
tax profits of £59.4m. giving
earnings per share of 24.6p, its
A shares - up 15p to close at
57 lp - are on a demanding
prospective multiple of 23.
3i’s new accounts lift veil on activities
By Andrew Jack
"ITS ABOUT lifting the veil” says Mr
Ewen Macpberson, chief executive of 3i,
the venture capital group, in a reference to
the accounting changes and greater disclo¬
sure in the company's latest set of
accounts.
This year's financial statements provide
for more information than either their pre¬
decessors, or many of their investment
trust and venture capital competitors.
They also represent a more to less conser¬
vative policies.
In his review. Mr Macpherson highlights
three areas of change in the accounts for
the year to March 31 1992, which he says
should provide a better understanding of
the company's "strengths and long term
philosophy”:
• disclosure of valuations policy on
investments, and a change in some of
these policies
• division of operating costs between rev¬
enue and investment realisation profits
• details of the portfolio. listing invest¬
ments in excess of £5m, and giving a geo¬
graphical and industrial split for all
He says the changes reflect 3i’s intention
to seek a listing. They may yet be in the
last set of accounts before the delayed
flotation takes place.
Mr Brian Larcombe. executive director
for finance and planning, argues that the
new approach places the accounts "on the
high ground”, notably with a fair value for
the assets on the balance sheet, while he
says the accuracy of some other compa¬
nies' valuations has been criticised.
A three-page valuation policy statement
shows that 3i calculates the gross valua¬
tion of profit-making companies by multi¬
plying the latest reported earnings by the
FT-Actuaries p/e ratio for the relevant
industrial sector.
Loss-making companies are generally
valued at half the net tangible asset value,
or if failure is expected, the equity is val¬
ued at niL New investments are generally
valued at cost until the first post-acquisi¬
tion accounts are received.
3i then applies a liquidity discount to
the gross value to reflect their lack of
marketability. These have ranged from 40
per cent for companies with a capitalisa¬
tion below £5m, through 20 per cent for
investments on the unlisted securities
market to nothing for listed investments
and those valued at cost.
The company recently reviewed the val¬
uation policies reducing its top rate 40 per
cent discount to 30 per cent, and valuing
USM stocks at mid-market prices. That
has increased net asset values by £32m.
By transferring £13.6m of the operating
and administrative costs from revenue to
an investment realisation profits reserve,
3i is adopting a policy used by many
investment trusts. But it also has the
advantage of increasing the company's
dividend cover, since it is only allowed to
pay dividends from revenues.
The geographical and industry-sector
break-down of investments gives an
insight into the breadth of the 3i portfolio.
But the disclosure of investments above
£5m is not complete. Up to ten of the SO
enterprises did not want to be named.
I
Seeboard pic
r - v. -.
• • . ;a ./
Preliminary Announcemenf of Annual Results
for the year to 31 March 1992
SHARING SUCCESS
v ■ . j /<► = Profit before tax £98. 4m
, ♦ Ear m hgs per sha re 5 3 . 5 p
. : Proposed total dividend 17.25p per share
./ ^ Jar iff rebate to customers in the autumn
i.\. tariffs
"This has been a challenging and successful year where dedication to quality
has delivered outstanding results. We are pleased to share the benefits of our
success with shareholders through an attractive dividend and through a
rebate to tariff customers who already enjoy Seeboard's low prices."
George Squair
Chairman
rv,iuui
Financial Highlights
Turnover 1,157.0
Profit before taxation 98.4
Earnings per share 53. 5p
Proposed dividend per share (net) 17.25p
* Includes 4.40p notional interim dividend
1992
Acruol
Cm
199 i
Pro forma
Cm
1991
Actual
£m
rl 57.0
1,047.5
1,047.5
98.4
67.8
81.4
53. 5p
36. 5p
43. 6p
17.25p
14.76p*
I4.76p
SEEBOARD
Doing a power of good
Tiro Annual Rtport and Aceovnti far rfie ysu ended 3 1 Match 1 993 w HI ho published and dijnbvicd 10 aH JmrWlfcn in coil. Augur 1 993
If rau wish to obtain a copy plea so *n»o to. or telephone rho Company Secteranr SEEBOASD pic. Grand Avenue, Hove. fail Sonet BN 3 CIS
TriopJiono [03731 fKeg-Jto-W «i England 3366867}
*
FINANCIAL TIMES WEDNESDAY JULY 8 >992
COMPANY NEWS: UK
Howden rises to
£18m as Danish
provisions fall
By Peter Pearse
HOWDEN GROUP. the
Glasgow-based engineer whose
recent results have been
plagued by a contract to supply
tunnelling machines to Den¬
mark. lifted pre-tax profits
from £2.99m to £18. im in the
year to April .10 after a sharp
reduction in exceptional provi¬
sions relating to the Danish
contract.
The company said that MT
Group, the international con¬
sortium constructing the twin
rail tunnels under the Great
Belt waterway, had recently
escalated the contractual dis¬
putes with James Howden.
which supplied four boring
machines, by threatening to
demand payment of two bank
guarantees - a performance
bond of £7.8m and another for
liquidated damages of £5.8m.
This. Howden said, was
despite indications given to the
contrary and despite MT
defaulting on payments to
James Howden and denying it
the right to perform under the
contract.
Howden described the con¬
sortium's move as “a tactical
manoeuvre" in the long-run¬
ning dispute which is before
the courts in Scotland and
arbitration in Denmark.
Howden has applied for an
injunction to prevent MT “pull¬
ing" the bonds, but said that,
even if that happened, the
damage to Howden would be
slight - the £13.6m loss would
not much hurt the now “sound
balance sheet”.
Acknowledging that the
Great Belt contract had not
benefited the company one
penny and had been a main
claim on the board's time,
Howden said that £8.4m cash
from operations and £30.4m
from August’s rights issue had
reduced group borrowings
from «3.7ra to £24 5m over the
year. Subsequently interest
charges fell from £9.58m to
£S.l3m, helping the pre-tax
increase.
The company said that MT
dispute was not a shackle on
its operating businesses,
though the lack of Great Belt
work accounted for £20m of the
fall in turnover to £292.3m
(£330. 8m). Group operating
profits rose by ElJjm to £3 4.3m.
Last time's exceptional
charge of £10.4m shrank to
£1.07 m. This was further provi¬
sion for possible future legal
costs on the dispute.
Mr John Jackson, chairman,
said that Howden *s “strength
in international markets had
protected it from the worst of
the recession". The order book
at the beginning of the current
year stood at £300ra (£2S0m),
which includes Howden Cana¬
da's £64m share of a yet to be
finalised power station plant
order from Iran.
Mr Jackson said that the air
and gas handling division - 48
per cent of group turnover -
“had a busy and successful
year”, while construction and
mining equipment's was “dis¬
appointing1". Aerospace “expe¬
rienced a significant contrac¬
tion in its markets" and
processing and packaging
“operated in quieter market
conditions".
The proposed final dividend
is 15p (nil) making 2p (1.59p)
for the year, as forecast last
July, payable from earnings of
5.7p (1.4p).
P&P turns round to £lm
By Peter Pearse
P&P. one of the UK’s largest
distributors of personal com¬
puters. saw pre-tax profits
shrink from £3-3m to Elm in
the six months to May 31.
However Mr David South-
worth. chairman, stressed that
profits this time represented a
sharp tumround - in the sec¬
ond half of last year P&P
incurred losses of £2.6ra. Many
people had been, writing the
company off. he said, “but P&P
is far from dead.” However, the
interim dividend is almost
halved to 0.7p (153p).
He said the company was
now over the worst, though he
added that in a recession
where manufacturers reduced
prices, the competition was
squeezed.
"Vigorous cost reductions"
and “a revision of the whole
cost structure” had been imple¬
mented to achieve the turn-
round. This resulted in the loss
of almost 200 jobs, though this
figure is clouded by the acqui¬
sition of ICl Computer
Systems. The ICI deal - a four-
year agreement whereby P&P
supplies the chemicals com¬
pany with its PC needs - Is a
model for future P&P partner¬
ships.
The European operations are
seeing the same drop in prices
and margins as the UK side,
said Mr Southworth, but were
reacting more quickly, because
lessons had been learned.
Last time’s pre-tax profits
would have been £2m greater
but for an exceptional charge
relating to a stock writeoff for
discontinued lines. Turnover
this time slipped to £119m
(£121m). Earnings shed 2p to
05p per share.
PUBLIC WORKS LOAN BOARD RATES
_ Effective July 6 _
Quota loans*
tw
1 .
Over 1 up lo 2 . 934
Over 2 up to 3 .
Over 3 up lo 4 . 95g
Over *> up to 5 . . .
Over 5 up to 6 . gi2
Over 6 up lo 7 . gij
Over 7 up to 8 . 9^2
Over 8 up to 9 . 9*2
Over 9 up to 10 . 95a
Over 10 up to 15 . 934
Over 15 up to 25 . 10
Over 25 . 10
•Nonquota wiani a ar« i o* m nt hiflfcar ana norwjuou loan* 6 2 [Mr «ml tuahar in nach ™
[nan quota loans. r£quoi instalments of onrWMl. rt Repeyinani ov lan-yaartv annuity tlUad
ixnui nail-, early payments to mdua* principal and internal! » m d
irnerest oMv
Bft
att
934
934
91*
934
9*
9%
9*2
9Sa
95a
9*2
9*2
9b
9h
9*2
9*2
9h
912
9h
95„
9 a
94
9j4
9
95b
9^
95a
97S
934
978
10
10
10
97a
10
9^
978
EVANS OF LEEDS PLC
PROPERTY INVESTMENT AND DEVELOPMENT
* Pre-tax profit up to £8.523 million (£8.040 million)
*■ Final dividend up to 2.85p (2.56p)
* Total Property Portfolio £21 1 .5 million
* Net assets per 25p share 201 p (2l3p)
* Current Rental Income £19 million
Year to 3lst March
1992
1991
Profit on ordinary
activities after tax
£7.027m
£6.1 93m
Shareholders’ funds
£1 22.6m
£l33.3m
Dividends paid and proposed
4.1 Sp
3.74p
Earnings per 25p share
10.67p
9.44p
The Qreeuxs ol Evans el Leeds PLC accept responsibility for The cements ol
this ad verb semen i. which has been approved by Messrs. BOO Binder
Hamlyn, a firm authorised by ICAEW to carry on investment business.
I
I
Compagnie Nationale Air France
FRF 600.000,000
Adjustable Rate Series A Bonds due 1996
In accordance with ihe Terms and Conditions of the Senes A
Bonds, notice >5 hereby given that for the Interest Penod from
July 7, 1992 to July 7. 1993,
the Series A Bonds will carry
an interest Rate of 3 0*%
per annum
The 5is*af Agent
7j KrecBetbank
■ Luxembourg
Tokyo gives
cautious
response to
Wellcome
By Emiko Terazono In Tokyo
WELLCOME has received a
cautious response from inves¬
tors In Tokyo, the first stop on
a global road show to promote
the International tender offer
for the drug company’s shares.
As Mr John Robb, chief exec¬
utive. moved ou to presenta¬
tions in the US this week, most
Japanese investors said they
would wait to see the reaction
in other parts of the world
before deciding ou how big a
commitment to make to the
shares.
“We’ll need to see the reac¬
tion of Investors overseas,”
said a fund manager at Tokyo
Marine and Fire, a leading
non-life insurance company.
He added that buying Well¬
come would mean selling
stocks such as Glaxo or Smith-
KHne Beech am, in order to
maintain his portfolio’s expo¬
sure to British pharmaceutical
companies.
Although Wellcome is
known in Japan for AZT, its
anti-Aids drug which achieves
local annual sales of Y25bn
(£105m). its presence lags
behind other leading UK drags
companies.
One fond manager said he
was thinking of spending
Y30m but considered the share
price still too high despite its
sharp fall since the issue was
announced. “The offer doesn't
seem to be generating excite¬
ment, and I would rather buy
shares of Astra, the Swedish
drugs company,” he added.
Many Japanese Institutional
investors, hurt by the slump in
the domestic stock market, are
looking to decrease invest¬
ments. Last year, net pur¬
chases of foreign stocks by
Japanese investors fell from
S6.3bn to $3.6bn (£U)bn).
Some 250 investors turned
up to Wellcome's Tokyo pre¬
sentation but they will have to
wait until next Monday before
they can begin to participate
in the tender process.
An automatic initiative to take on Goliath
Andrew Baxter on how Control Techniques plans to attack a global mass market
THERE IS nothing wrong
with being ambitious,
but some western indus¬
trialists who have seen their
markets hammered by Japa¬
nese competition might think
Mr Trevor Wheatley and Con¬
trol Techniques have gone too
far.
Mr Wheatley, chairman of
the Powys-based controls and
drives producer, is about to
attack a mass market of funda¬
mental importance to the
development of factory auto¬
mation but one where the UK
has been conspicuous for its
absence - except, as so often
happens in engineering, in the
pioneering years of the 1950s
and 1960s.
This autumn, two years after
CT bought Cranfield Precision
Systems, it will start shipping
a product that it hopes will put
the British flag on a map domi¬
nated by powerful Japanese.
US and continental European
companies - the world market
for computer numerical control
(CNC) equipment used to run
machine tools.
The story has all the hall¬
marks of a David and Goliath
encounter, with no guarantee
of a similar ending. Control
Techniques is no minnow -
sales could reach £l00m this
year - but recognises it faces
a tough challenge against ter
larger companies, Fanuc of
Japan and Siemens of Ger¬
many.
Fanuc has about 50 per cent
of the world market, while Sie¬
mens is market leader in
Europe and credited by many
European machine tool build¬
ers for polishing up its act in
recent years. And Allen-Brad-
ley. the CNC supplier owned
by Rockwell of the US, hopes
that with a new product range
it will regain market share lost
over the past decade.
According to the UK head of
one big rival producer, there¬
fore. CT “would be better to
concentrate on a niche rather
than take us on head-on.”
However. Mr Terry Margetts,
Cranfield 's sales and market¬
ing manager, says he would
like to see CT being number
one in the European market in
five years time. “It will mean a
lot of work, but it’s not Impos¬
sible," he says.
The CT initiative raises some
questions: is it launching too
late into the mass CNC market,
or right to take the plunge in
the middle of a worldwide
machine tool recession, and,
most importantly, does it have
the right product?
Mr Wheatley robustly
defends the initiative. First, he
says, it was important for CT
to have a CNC range to accom¬
pany drives and servos that are
increasingly bought in a pack¬
age by machine tool builders.
As such, the CNC launch
caps an acquisition programme
that began with SopreL the
Italian servo drive company,
and Moore Reed, the UK brush¬
less motor producer, before CT
took over the Cranfield com¬
pany in 1990.
Secondly, CT genuinely
believes It has come up with
something different. Its new
flexible numerical control
(FNC) technology has been
developed as a mass-market
product from Cranfi eld’s exist¬
ing, highly sophisticated CNC
equipment.
According to Mr Margetts.
CT found that while there was
still a market for Cranfield’s
highly-specialised 16-axis con¬
trol. the machinery industry
overall was crying out for a
low-cost but flexible approach
where optional extras are stan¬
dard, and end-users have the
power to customise their sys¬
tem whenever and however
they wished.
“We now have a highly com¬
petitive total package to offer
to the machine tool industry,"
says Mr Wheatley.
CT is gambling that the
machine tool industry and its
customers will like FNC
enough to specify it In prefer¬
ence to other CNC technology.
In its favour is the Cranfield
name, and the fact that there
are already plenty of big users
of its existing top-of-the range
system. Machine tool builders
are often willing to switch
CNC systems if a customer
requests it, so long as there are
no technical obstacles.
The recession, too, could
even have a beneficial effect on
early sales of the FNC system,
says Mr Wheatley. “If you are
a machine tool builder and
you’re not selling, you've got
to look at every aspect of your
machine. If we can offer a new
product at a lower price or at a
competitive price, he’s going to
take it.”
Initially, the challenge for
CT will be to win market
acceptance for the product.
One UK machine tool builder
said it had no doubts about
FNC*s technical excellence, but
felt if should wait a few years
to see how the initiative devel¬
oped, before committing itself
to a new supplier.
A second problem for CT is
the risk of being drawn into a
price war by the larger , con¬
cerns. CT plans to be competi¬
tive, but will also stress other
factors such as UK delivery
times of one to three days com¬
pared with seven weeks for
some competitors.
For a UK entrant to the mar¬
ket, CT also feces the need to .
develop overseas sales quickly
without overstretching itself.
The company is now working
on engineering support and
training for the European mar¬
ket, but Mr Wheatley says:
“We’re not going to rush In.
We'U select where we go, and
the way wb do business."
CT is discussing two deals,
one in Germany and the other
in the US. to supply FNC to
electrical companies which
offer part of the machine tool
drive package but lack a CNC
range. This, says Mr Wheatley,
would be a way for CT to
develop volume quickly.
Along with the other acquisi¬
tions, the FNC initiative ought
to enable CTs automation divi¬
sion to double or treble its
£20m sales over the next two to
three years, he says. CT now
has the potential to sell a
£10.000 package to machine
tool builders, compared with
£1,000 before its acquisitions
programme.
This 'could transform the
shape of CT, which is selling
its loss-making -process control
division to concentrate on
automation, and motion con¬
trol where it makes most of its
profits^ The bulk of the process
control aide has been bought
by Cored of France in a deal
announced last month.
This year, the City expects
CT to make pre-tax profits of
about £7m. up from £4.lm in
1991, on turnover boosted by
the 1991 takeover of Emerson
Electric’s industrial control
drives division. The US com¬
pany gained a 29-9 per cent
stake in-CT in exchange.
For the FNC initiative to suc¬
ceed the company will have to
do more than win technical
plaudits from the machine tool
industry. In the UK, Mr Mar-
getts'- plan to extol the virtues
of buying British, might strike
a chord with machine tool
builders worried about foreign
dominance of the CNC equip¬
ment used on most metal cut¬
ting machine tools. “The UK
machine tool industry would
welcome -a British CNC pro¬
ducer," said one potential cus¬
tomer. Buying it wifi be the
arid test ..
SEP to boost dividend
SEP Industrial Holdings, a
manufacturer and distributor
of engineering products, raised
pre-tax profit from £319,000 to
£378,000 in the half year to
March 31.
Reflecting that improvement,
directors of this USM-quoted
company intend to lift the divi¬
dend from 0.2p to not less than
0.65p and have declared an
interim of 0.3p.
Turnover came to £11.6m
(£26Jhn). Comparisons Included
£135m sales and £123,000 profit
attributable to Combori Group
and American Socket Screw
Manufacturing. Earnings per
Bimec tops
£6m but sees
downturn
FOLLOWING AN extensive
restructuring programme.
Bimec Industries, the aero¬
space, waste treatment and
engineering company,
increased pre-tax profit from
£5,36m to £6.04m foe the year
ended March 31. on turnover
up from £74.5m to £103m.
Each of the group's main
divisions was profitable,
although the company warned
that orders were now down to
£50m compared to £55m at this
stage last year. The half year
results would therefore be dis¬
appointing unless there was an
early upturn in the economy,
the company said.
Earnings per share remained
stable at 5-lp - after allowing
for the rights issue last July -
and an increased final dividend
of 0.83p (lp) is recommended,
to maintain the total at 1.5p-
Gresham Telecomp
at £294,000
Gresham Telecomputing
reported pre-tax profits of
£291,000 for the six months to
share were 0.7p (0.26p).
Mr Paul Formby, chairman
and chief executive, said the
reorganisation reduced gearing
and SEP was producing signifi¬
cantly improved results even
before the recession ended.
The better half year reflected
an improved contribution from
distribution, which was expec¬
ted to continue. Acquisition of
Huntingdon Fastener further
increased market share.
Activity in manufacturing
remained subdued throughout
the period but “we are starting
to see the first tentative signs
of a recovery".
April 30 on turnover of £3.95m.
Pro-forma figures for the six
months to March 31 1991 from
the combined results of Gres¬
ham Telecomputing for the six
months and Gresham Com¬
puter Holdings for five months
showed pre-tax profits of
£293jOQO on turnover of £4JJ9m.
Earnings were 0.57p and
there is no interim dividend.
The company said that there
had been a reduction in reve¬
nues as a result of tough trad¬
ing conditions and concentrat¬
ing on higher margin products.
Miskin plans Its
reorganisation
Miskin Group, the USM-quoted
contractor, property develop¬
ment and plant hire group, is
to prepare for the future In an
“organised and practical man¬
ner”. according to Mr Jeffrey
Goodman, chairman.
It will continue to improve
sales, reduce debt by selling off
properties, and divest Itself of
less profitable businesses.
That will maximise profits
and reduce overheads by
reverting to the profitable core
business - building and
plumbing contracting and
plant hire - of the principal
subsidiary, leaving options
open in respect of the future
direction to be taken.
Aberdeen Steak chief says
no to minority purchase
By Angus Foster
AFTER NEARLY two years of
reflection, Mr All Salih, chair¬
man of Aberdeen Steak
Houses, the loss-making res¬
taurant chain, has decided he
will not offer to buy out the
company's minority sharehold¬
ers.
Mr Salih, who owns 78 per
cent of the company, said in
August 1990 he was talking to
his bankers about buying out
minorities at a price “unlikely
to be materially different"
from the 67p flotation price
when the shares were listed on
the USM in 1985.
Yesterday he said he would
no longer proceed with the
plan, prompting another fall
in the share price, which
dropped 2p to 18p.
The market was always scep¬
tical about Mr Salih’s plans
and has marked the shares
down as losses mounted since
1989.
Last year losses were con¬
tained to £422,000 compared to
£3.27m in 1990.
Securiguard ahead 20%
HELPED BY a substantial cut
in interest charges, Securi¬
guard Group raised interim
pre-tax profits by 20 per cent
Turnover in the 28 weeks to
May 17 moved tip to £88J8sn
<£84Jfcn) but trading profit fell
to £3.4m (£3.77m). Interest took
£792,000 (£L32m) to leave the
pre-tax balance at £2.6m
(£2. 16m after an exceptional
charge of £287,000). . - ■
. Mr Alan Baldwin, chairman,
said tire continuing focus on
credit control and cash collec¬
tion contributed , to tire interest
savings , and that progress was
expected to be maintained in
the second half.
In the UK, the security divi¬
sion’s results were down on
last year’s outcome which was
temporarily boosted by the
Gulf crisis. Indications were
that it would achieve second
-half profits similar to last time.
Cleaning and maintenance
lifted profits 16 per cent from
turnover up 6 per cent: the
communications ' side had
mixed trading and personnel
services reduced losses signifi¬
cantly.
Earnings per share rose to
8-6p (7J2p) and tire interim divi¬
dend goes up to 3Jip (3.2p).
NEWS DIGEST
DIVIDENDS ANNOUNCED
Current
payment
Date of
payment
Carres -
ponding
dividend
Total
lor
year
Total
last
year
AB Engineering .
— fin
0.05
Oct 1
0.1
0.05
0.1
Bimec Ind* -
— fm
0.83T
Sept 4
1
1.5
1.5
Colefax & Fowler — Tin
1.3
Oct 1
1.3
2.6
2Ja
Creighton’s $ —
--fin
5
Sept 16
4.4
7
6 2
Equity Consort _
— tin
13.125
Aug 21
18.75
24.1875
23.25
Eq’ly Consort D1_
— fin
26.25
Aug 21
37.5
39.375
37.5
Evans of Leeds ..
- — fm
2.85
Aug 21
Z. 56
4.15
3.74
Howden . _
_ lm
1.3
Oct 1
nil
21
1.59
M4W _
— int
1
Aug 21
1
.
225
PSP _
- - int
on
Oct 5
1.33
.
4.33
Reel Time § _
— (in
3
Oct 5
3
3
3
Seeurieor _ _
— int
0.665
Sept 25
0.616
-
2.336
Securiguard _
— ml
3.5
Aug 19
32
-
&5
Security Service j||
1.394
Sept 25
1.291
-
4.488
Seaboard _
- — lm
12.25
Oct 5
10.36
17.25
10.38
SEP Industrial |...
— im
0.3
Oct 1
nil
-l
0.2
3! - -
— .fm
7.6
-
7.13
10.9
10.43
Yorkshire Eject _ _ tin
12.53
Oct 5
10.81
17.78
10.81
Dividends shown pence per share net except where otherwise stated
tOn increased capital. 5USM stock. {Minimum 0.35p fins) forecast
Mr Goodman warned that
substantial provision may be
needed in the accounts for the
year to July in respect of any
discontinued trading activities
or disposals.
In the half year ended Janu¬
ary 31 the group produced
turnover of £6-2m (£454m) and
pre-tax losses of £414,000
(£630.000). However, an extraor¬
dinary credit of £SL92m. follow¬
ing the financial restructuring
last October, left a retained
profit of £2.5lm (loss £630,000).
Comparatives were for the
middle term of an 18 months
period to July 31 1991, when
losses reached £7.36m after
exceptional charges of £4.62m.
Enlarged RPH
falls to £82. lm
RPH, a wholly-owned subsid¬
iary of Reed International,
reported pre-tax profits of
£82. lm from turnover of
£483. 8m in the year to end-
March.
This compared with profits
of £9l.2m from turnover of
£542.4 m last time and was
struck after a reduced interest
charge of £10.6m (£12.7m).
Tax took £28m (£2L5m) after
which earnings per share came
out at 3L8p <4i-lp).
During the year RPH
acquired The Estates Gazette.
Newpoint Publishing and What
to Buy from Reed Interna¬
tional To finance these acqui¬
sitions RPH issued 14.6m ordi¬
nary shares its parent
Evans of Leeds
advances to £8.52m
Against the industry trend.
Evans of Leeds, the north of
England- based property com¬
pany, turned in a 6 per
increase to £8 .52m in pre-tax
profits for the year to March
31. The rent roll improved from
£16m to £18, 3m.
"Despite the aura of doom
and gloom surrounding the . ,
property industry we have
once again increased profitabil¬
ity, for the 22nd time in succes¬
sion." said Mr John Humph¬
ries, chairman.
Earnings per share rose to
10.67p (9.44p) and an increased
final of £85p is recommended,
making a total of 4.15p (3.74p)._
A B Engineering
£73,000 lower
Despite good results from Mid¬
dle East activities. Associated
British Engineering recorded a
small second half loss to finish
the year to March 31 with pre¬
tax profits £73,000 lower at
£35,000.
Last year’s figure was struck
after an exceptional charge of
£132,000.
The Middle East operations
turned round from £62,000
losses to profits of £543.000.
However, marine diesel spares
and services slipped to £272.000
(£387.000), while catering equip¬
ment and diesel power engi¬
neering incurred losses of
£141,000 (£195,000 profits) and
£12,000 (£448,000 profits) respec¬
tively.
Turnover slipped to £34 2m
(£36.5m). Losses per share
edged up from 0fJ2p to 0.07p
and the dividend is halved to
Q.Q5p (0.1p).
Colefax and Fowler
declines to £704,000
Difficult trading conditions
prompted a further decline at
Colefax and Fowler Group, the
wallpaper, fabric and furnish¬
ing company.
Pre-tax profits for the year to
end-April were £704,000.
against £Li8m test time and
£4.01m the year before.
Mr David Green, chief execu¬
tive, said that overall trade
sales in the UK fell by U.5 per
cent reflecting a fall off in con¬
tract orders. Retail sales were
also badly affected, he said,
and the group was examining
ways of reducing costs.
In contrast, continental sales
showed -a near-8 per cent
expansion, with a particularly
good performance by Jane
Churchill products which
jumped by 44 per cent.
Mr Green reiterated that
future growth, scheduled to be
achieved through expansion of
product and services^ was
dependent uon the rate of
return of consumer, confi¬
dence."
Turnover dipped to £29.1m
(£30.2m). Earnings, per. share,
helped by a £221,000 tax credit
emerged at 3.7p (4.7p). A same-
again final dividend of 1.3p
maintains the total at 2.6p.
Oceonics sharply
ahead to £2.72m
A high level of offshore activ¬
ity in the North Sea helped
Oceonics Group report a sub¬
stantially improved annual
performance.
On safes of £282m (£20 .5m)
for the year to March 31, the
. group, now refocused as a pre¬
cision navigation and marine
surveying company, achieved
£2,72m at the pre-tax line, up
from £938,000 last time.
Net cash of £300,000. at the
year-end compared with debt
of £2-9m, partly reflecting the
- successful £2 .6m rights issue
late last year.
Earnings, after allowing for
an unpaid preference dividend
of £324,000, ware L2p (Q.lp).
Receivers to go in at
2 Colorgraphic arms
Colorgraphic, the advertising
and direct mall literature
group, has asked its bankers to
appoint receivers at two sub¬
sidiaries, Color Response and
CCS Pzppbrook.
The group said the receiver¬
ships would not affect its con¬
tinuing discussions with its
bankers. Colorgraphic’s shares
were suspended on June 30
pending -clarification of its
financial position.
Real Time Control •
static at £1.1 Am : >_
Real Time Control reported
. slightly -lower pre-tax profits of
£1.19m for the ydar to -March
31, against £1.2m. ' .
Higher operating profits of
£780.000 (£720,000) were offset
by lower interest received ofr
£412.000 (£479,000) resulting
from lower interest rates.
Turnover for the USM-quoted
company, which services elec¬
tronic point of sale systems,
fell from £7.57m to £6.84m.
Earnings per share were lLlp
(10 Dp) after a lower tax charge
of £415,000 (£439,000).
A maintained' single final
dividend of 3p is proposed.
M&W affected by
Sunday opening
M&W, which operates conve¬
nience stores and cash and
carry warehouses, announced
pre-tax profits down from
£914,000 to £664,000 for the half
year to March 29.
. The company said difficult
trading conditions had been
exacerbated by the decision of
the main multiples to open on
Sundays. However, safes were
now recovering and a better
second half was expected
On tnmover of £33.4m
(£30. 9m) operating profits
amounted to £622,000 (£712,000)
and the pre-tax result was after
£42,000 (£202,000) net interest
receivable.
'Hie interim dividend is held
at lp, payable from lower earn¬
ings of 2^ (3.7p) per share.
Improved controls
boost Creighton’s
Creighton’s Naturally, the
USM-quoted maker of toiletries
and beauty products, lifted pre¬
tax, profit by 30 per cant in the
year to March 31,. although
safes were lower.
Mr Richard Collard, chair¬
man, said improvements in
production efficiency and oper¬
ational cost control, contrib¬
uted greatly , to the expanded
profit.
From sales down nearly film .
at £10. 2m, profit worked
through at ££04,000 (£720,000).
Earnings per share were 13.1P.
(10.4p) and the final dividend Is
5p for a total of 7p (&2p). ‘ ;
MT Collard said stocks were
reduced by 2500.000 and debt¬
ors by £600,000, allowing the
company to benefit from cash
surpluses; and the elimination
of a net interest charge.
FINANCIAL TIMES WEDNESDAY JULY 8 1992
91 Waterloo ltd London
Telephone 071 938 3131
Aberdeen '
Telephone 0234 638666
Birmingham
Telephone 021 200 3131
Brighton
Telephone 0273 23164
3i Group pic and 3i pic .
are regulated in the -
conduct of taveitment,.
business by SIB ■
IBVISTIfiS
II
IIBISTIT
3i defines investment
capital as permanent
and long-term capital
in the form of share
and loan investment hi
unquoted companies
Bristol -
Telephone 0272 277412
Cambridge
Telephone 0223 420031
Cardiff
Telephone 0222 394541
Edinburgh
Telephone 031 226 7092
Exeter
Telephone 0392 438834
Glasgow
Telephone 041 248 4456
Guildford
Telephone 0483 33131
Hull
Telephone 0482 27066
Leeds
Telephone 0532 430511
Leicester
Telephone 0533 555H0
Liverpool
Telephone 051 236 2944
Maidstone
Telephone 0622 685680
Manchester
Telephone 061 8393131
Milton Keynes
Telephone 0908668168
Newcastle
Telephone 091 281 5221
Nottingham
Telephone 0602 412766
Reading
Telephone 0734 584344
Sheffield
Telephone 0742 680571
Southampton
Telephone 0703 632044
Watford
Telephone 0923 233232
Whether it’s a management buy-out, starting your own business or buying into another
company, striking out on your own may seem daunting. But at H, we prefer to
think of it as the greatest management challenge you could ever set yourself.
And we believe there’s never been a better time to do it than now.
At fl, we feel that often the best time to invest is jnst before the upturn, and our
45 years of investing in business mean that we are able to recognise the signs.
Right now, we can see that the economy seems to have bottomed out and there
are excellent opportunities for managers with enough skill and determination
to make the move to independence. Of course, such a move is not for the faint¬
hearted, but the combination of our long-term view and ability to share the risks
of the venture with you can make your leap as successful as possible.
Going for it now means that you could be involved in the beginnings of business
growth as it happens. At H, we aim to tailor investment capital packages to
meet your individual needs. We can provide you with the capital and experience
which help ensure that you will be in prime position to reap the greatest
rewards of that growth. So why not look at us before you leap. Give your
local H office a call.
Cocoa agreement
talks focus on
withholding plan
By Prances Williams in
Geneva
A SCHEME lo withhold cocoa
from the oversupplied world
market is expected to dominate
this week’s meeting of produc¬
ers and consumers.
Delegates gathered here for a
second round of talks on a new
accord to replace the present
International Cocoa Agree¬
ment. which expires in Septem¬
ber L993. say the three-week
meeting, held under the aus¬
pices of the UN Conference on
Trade and Development, will
focus on the scope, finance and
operation of the export with¬
holding scheme proposed by
consuming countries to stabi¬
lise prices.
Although the producers have
not formally withdrawn their
preferred export quota plan, it
is regarded as having effec¬
tively been abandoned at the
first round of talks in April.
Producing countries, hit
hard by the slump in cocoa
prices, overproduction and
excess stocks, are anxious to
conclude a new agreement
before the current cocoa year
ends In September. But dele¬
gates believe another session
of talks is likely to be needed.
These have already been pen¬
cilled in for next November.
Mr Kouame N'Guessan of the
Ivory Coast, the world's largest
cocoa producer, speaking for
all producers at Monday’s
opening session, said they had
come to the meeting “ready for
compromise”. However. Mr
Zago Jacob Goffa. the Ivory
Coast delegate, said any new
agreement must stabilise
prices at remunerative levels.
Under a withholding scheme,
this would mean withdrawing
whatever quantity of cocoa
from the market was necessary
to defend an agreed price
range. Mr Goffa said. Produc¬
ers want to keep the price
range at tbe SDRl. 485-2. 155 a
tonne (E1.120-E1.620) ruling
when the international Cocoa
Organisation suspended price
support early in 1988.
The European Community,
which accounts for 40 per cent
of world cocoa consumption,
has proposed limiting with¬
holding to 250.000 to 300.000
tonnes. Consumers see export
withholding as a temporary
measure while producers put
in place, by quotas or other
means, tough curbs on produc¬
tion to balance world supply
and demand. Producers want
more onus on withholding to
“manage" the market.
Mexico’s ‘outstanding’ oil find
By Damian Fraser in Mexico
City
PETROLEOS MEXICANOS has
discovered an offshore oil well
described as having “outstand¬
ing hydrocarbon reserves”.
The well was found in the
Sonda de Campeche sea area
and is expected to produce
about 14.000 barrels of crude a
day and 2.0m cubic feet of gas.
This is roughly double the
average production of existing
wells in the Sonda de Cam¬
peche.
The well is located 95 km (60
miles; north-east of Ciudad
Carmen and is 55 metres (ISO
feet) deep.
MINOR METALS PRICES
Prices from Metal Bulletin (last
week's in brackets).
ANTIMONY: European free
market 99.6 per cent. $ per
tonne, in warehouse. 1.730-1.755
(1.725-1,750).
BISMUTH: European free
market, min. 99.99 per cent. %
per lb. tonne lots in warehouse.
2-30-2.45 (2.30-2.6Q>.
CADMIUM: European free
market, min. 99.5 per cent. S
per Lb. in warehouse. 0.75-0.95
(0.60-0.85).
COBALT: European free
market. 99.5 per cent, S per lb,
in warehouse, 22.50-24.00 (23.50-
25.00).
MERCURY: European free
market, min. 99.99 per cent. S
per 76 lb flask, in warehouse,
140-160 (same).
MOLYBDENUM: European
free market, drummed molyb-
dic oxide. $ per lb Mo, in ware¬
house. 2.35-2.45 (2.40-2.45).
SELENIUM: European free
market, min 99.5 per cent, $ per
lb. in warehouse. 4.80-5.50.
TUNGSTEN ORE: European
free market, standard min. 65
per cent. $ per tonne unit (10
kg) WO), cif, 53-62 (same).
VANADIUM: European free
market, min. 98 per cent. $ a lb
V,05. cif. 2.00-2.10 r 2.05-2.15).
URANIUM: Nuexeo exchange
value, $ per ib. UjO*. 7.75
(same).
LMB WAREHOUSE STOCKS
fAs at Monday's dose)
tonnes
Aluminium
►2S
to 1.300.560
Copper
•3.625
to XI 750
Load
• 950
to 145.800
Nickel
- 1 782
to 25.968
zinc
• 1.200
to 333.2SO
• 10
to 13.410
Bartering for the riches of cash-starved Turkmenistan
Steve Levine on the economically-backward republic’s efforts to capitalise on its wealth of resources
A COUPLE of dozen western
businessmen gathered last
month in what must have
been the unlikeliest site in the former
Soviet Union for a sales exhibition,
and at the end they had one. unani*
mous opinion.
“They don’t have any money.” says
Mr lan Forrester, managing director
of the Kent-based food company Heal-
thyfood Marketing, one of the disap¬
pointed participants in the week-long
exhibition.
The westerners were attracted
mostly by talk of Turkmenistan's
coming riches. The most discussed
subject was its 10 trillion (million mil¬
lion) cubic metres of proven natural
gas reserves. About 85bn cu m -
worth about $6bn at present prices -
is extracted annually. Initial engineer¬
ing has also begun on a Slbn Italian
proposal for a refinery to exploit
Turkmenistan's oil reserves. The
republic has 213ra tonnes of proven
oil reserves, according to the govern¬
ment. and is producing 5m tonnes of
oil and condensate a year. “This coun¬
try is richer than Qatar.” claims a
senior diplomat.
The trouble is that so far little of
this wealth has translated into cash
for the 4m people of this Central
Asian backwater that borders Afghan¬
istan and Iran to the south and the
Caspian Sea to the west.
•The only way these people will do
business is with barter." says Mr For¬
rester. who plans to barter his prod¬
uct for another of Turkmenistan’s
natural resources, dried fruit and
nuts. “And while others won’t, we
will barter. These fruits and nuts are
the basic components of the products
we are producing anyway." Mr For¬
rester is discussing a deal in which
his muesli breakfast food product of
raisins, nuts and other dried fruit
could be manufactured in Turkmen¬
istan. slowly and cheaply at first. The
goal would be eventually to develop a
new market for the cereal which at
present has a turnover of just a
year.
In contrast to tbe Slavic and Baltic
states, business in former Soviet Cen¬
tral Asia has evolved slowly since tbe
superpower broke up. Other than in
Kazakhstan, there is no private enter¬
prise to speak of. Decisions are made
almost solely in the president’s office.
President Saparraurad Niyazov, for
example, recently declared that there
could be no private sale of apartments
or homes for another 10 years. And.
for now, the Turkmen government Is
talking only in terms of joint ventures
with foreign companies rather than
allowing them to buy whole plants or
concessions, says Mr Abdi Kuliev, the
foreign minister. “There are people
now who have enough money to buy
all state property. But we don't want
to let them buy it. That's why we
want joint ventures - to control both
sides."
Until the republic became indepen¬
dent with the Soviet Union's collapse
in December, Moscow exploited Cen¬
tral Asia largely as a resource store.
carting away cotton, natural gas, oil
silk and gold to factories In Russia
and other republics. So the Asian
republics are now starting largely
from scratch economically, and
indeed are virtually broke. The situa¬
tion is not helped by the resistance of
their authoritarian leaders, steeped in
centuries of feudal history in addition
to the 70 years of communism, to any¬
thing less than complete control of
every undertaking.
in Turkmenistan, there is money to
be made - if one can get to President
Niyazov to talk about it Much of the
money will probably be earned from
the natural gas deposits.
T
he trouble for Turkmenistan Is
that most of the natural gas
until recently went to Russia
and the Ukraine: only about 20bn cu
m could be exported elsewhere.
Because of a dispute over Turkmen¬
istan's decision to start charging for¬
mer Soviet republics hard currency
for Its gas the government has shut
off the pipeline to the Ukraine and is
looking elsewhere for customers.
Unfortunately that pipeline is just
about the only way to transport the
gas anywhere.
Turkey. Iran and Turkmenistan
have signed what one diplomat
describes as a "gentlemen’s agree¬
ment" to build a S3bn natural gas
pipeline from Turkmenistan, across
Iran and into Turkey. But that deal is
on hold for now. As Turkey and Iran
are in fierce competition for influence
in Central Asia, the Iranian govern¬
ment is reported to be less than fully
co-operative in getting the deal finali¬
sed Moreover, international bankers
are thought to be worried about Teh¬
ran's reliability as a business partner.
“If there is. trouble, Iran could just
turn off the pipeline," says one Asian
businessman who operates in Turk-,
menistan.
Another proposal is to add value to
the gas by building a petrochemical
plant to produce liquefied natural gas,
some of which could be shipped to
Kazakhstan. Iran or Turkey to make
polymers.'
One .businessman who is optimistic
about opportunities in Turkmenistan
is Mr Paul Aouizerate, tbe 28-year-old
president of : Alpax. the Paris-based
company that sponsored the exhibi¬
tion. He is comparing Turkmenistan
to Kuwait a few decades' ago. Turk¬
menistan has a few other enthusiastic
supporters as wen, but most of them
see. in it something to watch and deal
with carefully.
. "To compare Kuwait and Turkmen¬
istan. weU, I could compare a donkey
and a duck, but I would not try to eat
a donkey, nor ride a duck," says Mr
Daniel Perrin, director general of the
French company Amca Chimie et
Plastiques.
For the present creative barter
seems almost the only way to go.
Rome-based Tecnologie Progetti
Lavori has signed a 3350m deal to
build a 100,000 sq m textile plant at
Ashkabad, Turkmenistan's capital
The contract, by far the largest Turk¬
menistan has concluded with a for¬
eign company, was endorsed person¬
ally by President Niyazov.
The state-owned plant, under con¬
struction 5 km (3 miles) south of tbe
city centre, is to be finished by Octo¬
ber 1994. Initially it is to produce terry
cloth and, eventually, clothes, accord¬
ing Mr Pierre Staimer of TPL.
Payment is complex, he says. TPL is
to receive the hard-currency equiva¬
lent of its fee in cotton. But under to
the deal, Turkmenistan is to “con¬
vert” the cotton to hard currency
itself by selling it abroad, then hand
over the proceeds to TPL. Turkmen¬
istan produces L4m tonnes of cotton a
year until now using all but 300,000
tonnes at home. The cotton itself Is a
guarantee of eventual payment.
“Sometimes we’ve had to stop con¬
struction because they've been slow
paying us. But then they do pay us.
and we begin building again," Mr
Stainier says.
TPL bas now begun moving earth
in a desert site 300 km north-east of
Ashkabad, near the Amu Darya River,
for a proposed Slbn oil refinery. The
plant, 2 km long and 1 km wide, will
provide Turkmenistan’s first opportu¬
nity to produce' petrol for export .
Only the engineering stage has
been agreed to so for. If the govern¬
ment agrees to a construction con¬
tract, the two sides will probably
employ a barter arrangement - based
on refined crude — for payment, Mr
Stainer says.
US challenges claims of 4non-subsidisers’
By Nancy Dunne In
Washington
CANADA AND Australia, two
countries that consider them¬
selves “non-subsidisers” in the
world wheat market, both pro¬
vide indirect subsidies through
their wheat boards and govern¬
ment farm programmes,
according to a new report
issued by the US General
Accounting Office.
The GAO said the govern¬
ments of both countries have
on occasion reimbursed their
wheat boards for annual losses.
In 1985, when tbe US intro¬
duced an export subsidy
scheme to counter similar
European Community subsi¬
dies. the Canadian government
reimbursed its board for a
S19m loss. In 198837. the gov¬
ernment paid 3140m to com¬
pensate for the board’s short-
fell in the 1986-87 season when
wheat export prices plum¬
meted. The marketing boards,
said the GAO. offered different
prices to different customers
and seek to capture new mar¬
kets by selling grain at lower-
than-posted prices.
Canada supports farmers
with freight subsidies, crop
insurance and guaranteed min¬
imum prices. Australia has a
rural family ferm adjustment
scheme and ferm input subsi¬
dies. Both have export credit
guarantee programmes.
enabling them to take on risk¬
ier markets.
According to figures from
the Organisation for Economic
Co-operation and Development,
In 1990 Australian government
assistance provided wheat
farmers with 11 per cent of
their income. US and EC wheat
fanners received 44 and 46 per
cent of their income from gov¬
ernment programmes. Cana¬
dian wheat producers received
from 43 per cent
Sugar suppliers seek CAP reform compensation
By Canute Janies in Port of
Spain, Trinidad
CARIBBEAN countries that
supply sugar to the European
Community are asking the
community to consider com¬
pensation for the lower prices
they expect to result from agri¬
cultural policy reform.
At their annual summit here,
leaders of the Caribbean Eco¬
nomic Community (Carl com)
said that, although proposals
for the reform of the European
Community’s sugar regime had
not yet been finalised, “the
principle of compensatory pay¬
ments to EC farmers has
already been agreed".
The Caricom leaders said the
compensation should be paid
to all members of the African,
Caribbean and Pacific (ACP)
group that supply sugar to the
community. The ACP states
supply l.3m tonnes a year
under quota. The price they
receive has been determined
traditionally by the price paid
to the EC’s domestic produc¬
ers.
“The European Community
has always maintained that
ACP cane sugar should be
treated on par with community
sugar," the heads of govern¬
ment said. They said the Uru¬
guay Round of trade negotia¬
tions and the reform of the
European Community's com¬
mon agricultural policy “could
result in a dramatic reduction
In tbe price of sugar, which
would reduce the income
earned by the industry”.
Caribbean government offi¬
cials have said that, if current
proposals on sugar within the
General Agreement on Tariffs
and Trade were implemented,
the ACP states could lose
about 8 per cent of their earn¬
ings from the sales to the com¬
munity. ACP producers receive
an average price of £349 a
tonne from the EC.
The ACP producers, are also
hoping to increase the volume
supplied to the community
through increased access to
Portugal. Representatives of
the Sugar Association of the
Caribbean, a federation of
regional producers, said there
has been "little progress" in
efforts to widen the Portuguese
market Since it joined tbe EC
in 1986 Portugal has been
allowed to import some of its
sugar from the world market,
and- to buy some irenr some*
ACP producers, but. at world
market prices.
ACP officials say the termi¬
nation of this transitional
arrangement at the end of this
year will coincide with efforts
by the group to have Portu¬
gal’s purchases from the ACP
at world market prices and the
country's additional world
market requirements both
added to the AC P's quota.
El Nino drought
‘appears to be over’
THE DROUGHT . that has
ravaged crops and. cost hun¬
dreds of millions of dollars in
countries across Asia and the
South Pacific appears to. be
over, meteorologists say.
reports Rentier from Sydney.
Its cause; the climatic phe¬
nomenon known as El Nifio, is .
dissipating With some areas
returning to' normal weather,
conditions- more quickly than
others, they said.
Australia is among, the first
of the major agricultural pro¬
ducers to emerge from drought
in most areas, while in India a
return to normal rainfall is
expected in the late monsoon.
China's northern provinces
are still in the grip of drought,
however, though it is unlikely
to have much impact on the
country's International trading
position: '
“We’re now in the declining
phase of El Nino, its global
and it has had an effect since
early last year all round tbe
planet, particularly in the trop¬
ical regions.” an official at
Australia's National .Climate
Centre said.
Ocean waters In the central
and eastern equatorial .Pacific,
which had warmed- under El
Nino were continuing to cool
quite rapidly, the climate cen¬
tre reported.
Australia, whose farm sector
was ravaged by drought and
economic recession, has
already felt the effect or the
changing conditions. “Austra¬
lia tends to climb out of it ear¬
lier than others,'1 the official
said.
Drought conditions still per¬
sist In some areas of New
South Wales and southern
Queensland but local output of
grain and sugar is forecast to
recover significantly after last
year’s drought across eastern
Australia.
. .The total value of wheat,
coarse grains and sugar is fore¬
cast to rise by nearly 30 per
cent to A$tl4bn (£15bn) In the
year to the end of June, 1993,
compared with the previous
drought-hit year;- ’
In India however, the change
is-- .taking longer to come
through. “It is expected to
come back to average In tbe
Tate monsoon season.” Austra¬
lia's climate centre official
raid. Erratic rains in India last
year Caused food grain output
to fell to about 171m tonnes in
the year to June 30, 1992 from
the previous year’s record
176m tonnes.
WORLD COMMODITIES PRICES
MARKET REPORT
Three-monlh COPPER came to
within a whisker of 32,500 a
tonne on the LME against a
background ol US investment
fund buying, with selling well
absorbed. The rise represented
the resumption of the recent
uptrend after a spell of
consolidation, with early gains
prompted by Far Eastern buying,
dealers said. In afternoon
trading Comex copper futures
were setting lifetime highs on
the back of continued fund
buying. LME ZINC leapt higher
during kerb trading, with
speculative buying pushing the
three-month price above Si ,300
a tonne. New York arabica
COFFEE futures were firm at
London Markets
SPOT MARKETS
Crude OB (per barrel FOB)
* or -
Oubal
SUL20-8 302
-.375
Brant Blend (deled)
sigas-i-oo
HJM
B/eni Blend (Aug)
J2aaw1.1i)
- 575
W.T.I (1 pm eslj
521 40-1 50r
-625
Oil prodocta
INWE prompt delivery per lonno CiFl
+ or -
Premium Gasoline
5224-226
-3
Gill Oil
5133-184
-3
Heavy Fuel Oil
S82-84
-1.5
Njohitu
SI84-I95
Pa'roleum ArguL ffi umatoa
Other
*■ Of -
Gold (par tray oz)+
S345 6S
-o.«
Silver (par troy o3|(f»
387.0c
-18
Platinum |per troy oz)
5382. 75
-3.90
Palladium (per troy ozl
582 25
-IJS
Copper (US Producer)
115 77c
*0.02
Lead (US Producer)
37.0c
Tin (Kuala Lumpur market)
I7.64r
-0.36
Tin (Mow Vory)
328 50C
-10
Zinc (US P/nlM Western)
620c
Cattle (livo woightt
t08.42p
■o.or
Sheep (live weight)!^
1554(1
-rlW
Pigs (live wolghi)t
35 8Sp
♦■aof
London dally sugar (raw)
3S49.0W
-2*
London daily sugar iwfiita)
5293.5*
+1.5
Tala and Lyle upon prieo
£237.5
-25
Barley lEngltjn (OOdJ
C1M.0
Maito (US No 3 yellow)
£149 0
Wheat (VJ3 Dark Hortheml
Ureq
Rubbor (Aug)V
M.OOp
-0.25
Rubber (Sep)*
50 OOP
-0.25
Rubber (Kl RSS No 1 Jul)
230 Or
Coconut all [Philippine j)9
5567 61
-2.6
Palm OH (Malaysian)^
S387 5C
*2.5
Capra (PWlipptowH
S372.5
Soyabeans (US)
CT33.5
-4.0
Cotton "A' index
65.10c
-0.50
Wboiiops (64s Super)
377p
E a ion™ union otherwise stated. p-pence/kg.
c-cenu/ib. r-ringgtt/kg.t-AuQ/Sep y-July w-Jul/
Aug 4-Aug. . tMOal Commission averse* tots-
lockpricos.' change Irani a week ago ^London
physical 5CIF Oonordam. Bullion market
doss m-Mulaysun cono/Vg ^Shcap prices aiC
li ve weight or teas J; previous l.gura should
hft»e been SaS
midday on renewed short
covering after Monday's fall.
Analysts said sentiment that
Brazil’s coffee sector might be
getting closer to a unified
proposal on an international
price support plan lent
background support. In London,
where robusta coffee closed
ahead, news that Brazil would
be happy with a 20m bag share
of a global quota of 70m bags
was seen as mildly constructive,
in Chicago SOYABEANS were
firmer at midday on concerns
that hot temperatures next week
could endanger the developing
crops, traders said.
Compiled from Reuters
SUGAR
- London POX
(S per tonne)
Raw
Close
Previous
Hlgh/ujw
Aug
227 00
223.00
227.00 222.00
Opt
213 60
209 6Q
213.00 209 20
Dec
196 00
196 00
19100
Mar
204.40
202.00
White
Close
Previous
HighlLow
Aug
232.00
29000
291 90 290.00
Oct
265 00
284.00
285 00 263 00
Doc
28550
264 00
264.50 264 00
Mar
288 00
267 40
26a 50 267 00
May
271.70
271 90
272 50 271 50
Aug
276.00
276 40
27660 276.10
Oct
266 10
267.50 267.00
Turnover- Raw S3 1 93) rols of 50 Monos.
While IW |132<|Pam- While IFFr per tonne):
Mf l S3 Ocl 134912
CRUBI OIL - IPS S/lHrrel
Close Previous High/Ulw
«ug
20 04
20 57
20 49 19.90
5ep
20.07
20.54
20 4/ 19 97
20 09
20 49
20 43 20.00
Nov
20.12
20 44
20.33 20.09
Dec
2009
20.35
2039 2000
Jan
19 96
20 24
cO.T7 1390
IPE Irtdov 20 67
20.80
Turnover 59CQQ (202971
GAS OIL - BUJ
5/ton no
CIpSD
Previous
High.'Lotv
Jul
162.75
’87 00
>87.00 102.50
164 50
189 oa
18825 184 00
Sep
188 00
1-30.76
'9025 168 00
189.00
193.35
191 75 10650
190 IS
194 75
193 75 190.25
Dec
191 75
1-35.50
>94 50 191 SO
Jan
1W00
’34.00
173.75 190 00
Turnover 25321 iMQigt ,0B ol 1a| Wn[10.,
I 1
COTTON
Liverpool- Trwrc were no scot or shipment
sales recorded for mg uraks ending July 3
and June 28 Activity was severely
restrained ana Business was on narrow
lines. High cost of raw cor (on deferred usor»
horn Incioasmg their purchases.
COCOA - London POX E/tanne
Oca*
Previous
Hlgh/UtW
Jul
570
582
580 508
S«P
584
596
585 5B2
Doc
813
610
621 609
Mar
841
646
649 638
May
857
663
665 656
Jul
678
677
677 671
Sep
633
683
693 689
Mar
745
760 748
Turnover. 3030 (8 1 16) lots of 10 tonnes
ICCO Indicator prices (SDRs per lonno). Daily
price lor Jul 6 760.02 (750.44) JO day average lor
JuJ 7 712.81 170505)
COFFn - London FOX Srtonno
Close
Previous HfgtVLow -
Jul
70S
691
-70S 6B1
Sep
717
703
720 705
Nov
734
722
737 722
Jan
753
753 750
Mar
772
789 766
Uay
791
780
704
Tumover-1782 (1399) lots erf 5 tonnes
ICO Indicator prices (US cents per pound) for
Jul 6: Comp, daily 47 25 ( - ) IS day average
47.57 ( - 1
POTATOES - London FOX E/tonne
Ct-toe
Previous
High/Low
Apr
84.8
84.4
84.9 83 5
Turnover 33 (119) lots of SO tonnes.
SOYAS* SAL. - London MX CTtonne
Close
Previous
Higti/Low
Aug
11750
119.00
117 50
Oct
119.00
120.00
11SUJ0
Turnover 500 (175)loto el SO tonnes.
nmaxr - London VOX point
Close
Previous
Kgh/Low
Jul
1025
1025
1026 TC2S
Aug
1045
1940
1045
Oct
1 190
1165
] 190
Jon
BFI
1230
1047
1043
1230
Tumavor 75 (115)
ORA1KS
- London POX
V lonno
Wheat
Qcne
Previous
Hign/Lo*
Nov
May
Jun
11500
124 SO
12570
114 as
124 00
11500 114 75
1?«20 124.00
125 70
Barley
Ciosa
Previous
High/low
Sep
Nov
Jan
Mar
May
no 20
113.75
118 80
11805
120.60
:t3SO
11675
119 CO
12C50
HOP)
113.75 113.50
r.&ao
11800 118*5
12060 120.40
Turnover: Wheat 102 (168) . Barley IBS (150).
Turnover lets ol 100 Tonnes.
PIOS -
London POX (Cash Settemonn png
Close
previous
HighlLow
Jut
Aug
1U*
IC3 0
1120
1O1.S
112*
1020
Turnover
11 (291 tea of 3.250 kg
LONDON METAL EXCHANGE
dose
Previous
(Prices supplied by AwJgmsted Metal Trading) CRUDE OH. (Ugh|)-4&000 US gaits S/barral
High/Low AM Official Kerb dose Open Interest
AJarafntora, 17% pnHty (8 per tonne)
Total dally turnover 34,890 lots
Cesh 1311-2 1310M.5
3 rsorflhs 1336-7 13<W
1277
1341/1332
1311-1.5
1337-7.5
(339.5-4(X5 183.230 Iocs
Copper, Grade A (gpartaone)
Total dolly turnover 32/508 iocs
Cash 130*6.7.5
3 months 1313.5-4
1300-1
1309-10
12855
1318/12893
129&5-6
13035-4
>318-8
12SJM8 lots
Lead (C per tonne)
Total dally turnover 8.514 lots
Cosh 314-5
3 months 3254)
313-4
324-4 5
307
330/318
306.73-7-25
3185-6 330-1
23.413 (OB
NfcJcsl (3 per tonne)
Total daily turnover 5600 lots
Close
Previous
Kgh/Low
Aug
21.40
21*8
21*6
2125
Sep
21*4
21.79
21*0
2120
Oct
21*1
21.72
.21A6
21.15
Nov
21*8
21*8
21.43
21.15
Dec
21*4
21*8-
21*8 .
21. IB
Jan .
2J.15
2147
.2128
2i:i0
Feb
21.05
21*4
21.18
21*2 •
M*r
20*4
2121 •
21.0a ■
20.90
Apr
30.63
- 21J09
20*8
20.88
May
20.74
20*8 .
20.83.
20.78
Cast] 754555
3 months 780510
7362-7
78355
7610/7510
74455
TM53
7803-10
24.423 lots
.WMWB OIL <2*00 US flatts, contents galls
Close Previous Hlgh/Urw
Tin (S per tonne)
Total dally turnover 2X2 lots
Casn 7095100
3 months 7110-5
7195205
72155
7085
7140/7060
70855
7100-5
7130-5
10560 lots
Zinc. Special High Grade (5 per forme)
Total deity turnover 28.409 tale
Cash 1293-5 1281-3
3 months 1283-4 12757
1310/1280
1278-9
1278-7
13058
65468 lots
LME Closing « rate:
SPOT 15260
3 months; 1.8986
6 months: 1.8668
9 months: 1.8411
LONDON BULLION KAHXJTT
(Prices supplied by N M RmhocNW)
Odd (troy ozj
S price
C equivalent
OOM 345.45-34585
Opening 346.5534890
Morning ft* 34580 178.883
Afternoon Us 34560 1 79.374
Day's high 34855346.80
Day's low 344,75345.00 _
Loco Ldn Keen Sold Lending Ratos (Vs IMS)
1 month
2 months
3 months
110
3.07
306
6 months 309
12 months 314
Sever Its
prtroy oa
US eta equfv
Spot
20320
381.73
3 matWhj
208 25
363.10
6 months
21346
388.85
12 months
223.35
407 06
GOLD COINS
5 price
£ equivalent
Krugerrand
345JWO47.0Q
180*0-182.00
Mapto leal
358.15-358 45
-
New Sovereign 83*0*5.00 43*0-4500
TRADED OPTIONS
AAmMum (88.7%)
Calls
Puts
Strike priee S tonne Sep
Dm
Sep
Dec
1250
91
118
6
13
1350
27
54
42
48
W50
4
19
118
106
Copper (Grade A)
Celle
Pua
2350
T71
!»
6
27
2450
Sf
95
25
01
2550
38
51 '
70
114
GaCee
Sep
Nov
Sep
NOV
650
80
83
7
11
TVS
27
50
24
28
750
10
»
57
58
Cocoa
Sep
Dec
Sep
Dee
576
32
59
II
17
600
18
44
22
27
625
10
31
38
38
Braid Crude
Aug
S«P
Aug
Sep
3000
30
21
piwi
10
37
65
5100
4
22
New York
GOLD 100 troy 03 ; S/troy 02.
Close
Previous
High/Low
Jul
3482
348.5
0
0
3*7.1
3*7*
3472
3458
Sep
347 9
3*83
0
0
Oa
348*
3*a2
348*
347*
Dec
350*
3512
3503
348*
Feb
352.7
3632
352.8
3522
Apr
354*
355.2
35*7
353.5
Jun
356.7
3573
0
0
Aug
3389
3SB*
0
0
PLATINUM 60 troy oc S/troy oz.
Close
Previous
High/Low
Jul
385.0
3862
384.0
383.0
Oct
3880
388.0
388.5
383.0
Jan
384*
396*
384*
382*
Apr
384 5
389*
383.0
303.0
SB.VEH 5.000 hoy oc ccnts/troy oz.
Close
Previous
High/Lmr
Jul
3873
4028
390.6
3822
Ai*
389.6
404*
0
0
Sep
389*
405J
391.5
3835
3936
4096
3960
387.0
Jan
3952
411*
0
0
Mar
3961
414.3
401.0
38*2
May.
401 0
417.4
4002
3990
Jul
■KB*
420*
410*
400.0
Sop
407*
423.8
4095
404*
Dec
452.1
429*
415.0
4082
Aug
5873
8024
5080
5880-
Sep
5973
6116
6030
5985
Ocl
6082
6218
6160
8065
. Nov
8187
8320
8250
6180
Dec
6271
8401
8340
Jen
8308
S<?8
6370
8305
Feb
6218
6311
6270
6210
Mar
6883
6058
6025
5880
Apr
5768
3831
5800
5780
May
5813
5871
6860
5820
COCOA W tormu,-Vto nnes
Close
Previous
Hlgh/Lew
Jul
933
835
825
325
Sep
981
969
987 .
965
Dec
1039
10*7
1045
1023
Mer
1078
1089
1006
1067
May
mo
1118
1105
1105
Jul
1138
1144
0
0
Sep
I1BB
1174
0
0
Oec
1212
1215
1200
1200
Mar
12*6
1250
0
0
May
1270
1278 -
1270
1270
corns -c- 37, scabs; cemsflbs
Ctoae.
Previous
Hlgh/Lovr
Jul
58.73
57*0
59.20
57*0
3*p
80.70
56*0
6120
80*5
Dec
63.30
62-05
63.78
62.00
Mar-
68.00
64.70
8425
04.50
May
7025
ea*o
70.00
66*0
Jul
72.00
71.16
72*0
72*0
Sep
73JS
Til*
73J*
73*8
UK
77*0
77*5
0
0
HTOH GRADE COPPER 25,000 lbs: cento/On
Close
I
1
Wgh/Low
Jtn
11295
I u.55
11350
111.75
At>3
11**0
111*5
113.75 ’
11125
Sep
11130
111.65
114.00
112.00
Oct
112.60
111. 19
0
0
Ncv
112.90
110.90
0
0
Dec
HIM
na« ■
112.70
111.10 ..
Jen
11130
110.05
11220
1 10 JO
Feb
lift®)
HJ95C
111.40
111.4ft
MW
1:0.10
106.95
110*0
108.10
Apr
109 50
108.40
0
0
tNMCU ]
REUTERS (Base: September U 1931
- WO) 1
Jul 7
Jul 6
mpthpgo yr 030- 1
15*0.1
15*5.8
1908*
1738.4 |
DOW JSase: Dec. 31 1W4 “ 10% I
Jill 4
Jul 3
mam ago yr 890 j
Spol
na.38
.
1TB 60
128.70
Futures 118.72
11965
12341 .
ttWAft WORLD nr 112.000 um; wto/ua
dose Previous MgfVLow
~M3
9.24
M2
a.77
0
COTTOR 30JXD: ceiHBAbs “
Qw ■ Previous HJgh/Lcw
Oa
9.47
9*3
9.31
Mar .
8*5
9Z*
0*8
May
Ml
Bza
92*
Jul
9.27
9.16
827
Oa
9.18
9.07
0
Juf . 69.89 95.70
OX ■ 52.45 . 8256
DOC 9084 9085
Mar 6TJ5 62.17
May 9285 6285
jul-. 63.07 0X30
Oct . 6552 8147
6190 85.40
6260 Q2ag
61.30 90.78
62-35 61.90
63.00 (Psp
63.40 . to -x)
9151 to
ORANGE JUICE
Owe
isjaoiat; cera/Tbc
Previous High/Low
Jul
Sep
Nov
Jott
Mar
Uay
Jul
Sep
Nov
128.00
124JO
117 20
11526
115.18
.11118
114.65
114 65
114 6ft
U620
121.40
114X0
H225
11320
11320
11275
11275
1 12.75
128.25
12485
117.20
11M0
115.40
H5J»
0
o
o
128,50
121.10
116.10
113*0
113*0
114.00
0
0
0
Chicago
SOYABEANS 5*00 bu min: centa/SOffa bushel
Close
Previews
High/Low
Jul
575/2
574/6
578/6
574/0
AUB
578/8
577/6
580/4
ttop
581/8
S79/4
583 «
578/0
Nov
587/6
588/4
58076
585/0
Jen
695/4
594/2
597/4
584/0.
Mtu
604/0
603/4
608/0
May
6 ions
609/4
811/4
Jul
■ 614/2
611/0
616/2
512/0
SOTABEAN OH- 60,000 lbs; cana/UJ
Ctoae
Previous
High/Low
Jut
19.79
19.73
1184
19.68
Aug
19*8
19.82
19.97
19.77
S«P
30.04
IB-96
2a 10
Oct
20.19
20.11
20*3
20.07
dec
20 AS
20*9
20*4
2a 35
Jen
20.59
20*1
20.65
2a 50
Mar
20*4
20.75
20.90
20.75
May
21.07
21.00
21.16
21.00
SOYABEAN MEAL 100 tom; Srion
Close Previous High/Low
Jul
Aug
Sep
Oct
Dec
Jan
Mar
May
175.1
178.1
T7B*
192.9
1932
184.0
1852
196*
.175.4
176.0
17S.0
178.0
. 17*7
175.7
176.9
177*
176.7
192.0
194.0
192*
193.0
194.0
192*
-193*
194*
1*3*
104*
TSS.5
1M.5
196*
196*
IBS*
MACE 5,000 bu min; ranw/56lb bushel
Ouse Previous High/Low
Jut.
Sep
Dec
Mar
May
Jul
243/6
243/4
244/2
245TO
24410
245/4
247/0
246/4
247(4
234/2
253(6
254/6
258/2
257/2
258/6
261/6
26QM
261/6
242/2
243/0
345/2
232/4
258/2
259(6
WHEAT 6.00Q hu min: cemtoBab-hnchei
-P”* Previous Hfoh/Lflw
337,4 334(6 34mT
SffP 338/0 342/4
**= 360/2 348/2 353/4
Jtar 363/4 351(2 3ffiM
M*y 345/4 345(0
Jd 326/4 327(0
348/0
330(0
334(0
338/4
347/0
351/1)
349/4
327(3
<JV E ^TTLE 40,000 as; centaflto -
C'we Previous High/Low
*“* £378 TtBTS 73.0S0
2* 72.925 TZjaZa
Vs® 70*25 70273 70M
£ 71re° ™
j*1" 68*50 89.200 80.050
72*60
72.400
70700
70.000
71.600
68*75
uve ho 03 40,000 lb; cerrta/lbs
Previous
Jul 47*75
*»8 43.876
3MOO
30*73
41.450
Apr .40*50
Jun 48850
46.850
43*75
38.060
40*00
41.025
41*76
4&TO0
47.100
44.100
39.050
40.200
41.825
41.250
46*25
48*00 i
43.450-
38*00
33.750
41.350
40.825
48*50
MUXS 40J0Q lbs: am to/ST
Jul
Aug
Fep
Mar
May
Jul
-Ctoae ****» HlphtLoe
»** 31250
®-l® 28*25 28.700
3!,(e8 •
* 625 38*75 . 36.900
•37*00 38*00 37.500
- 373Q0 - 38.600 37*00
FINANCIAL TIMES WEDNESDAY JULY & 1992
LONDON STOCK EXCHANGE
Share prices rally on bargain-hunting
Government Sacs
FINANCIAL TIMES STOCK INDICES
Sineo Compilation
By Terry Byland,
UK Stock Market Editor
THE CLOUDS lifted a little in
the UK equity market yester¬
day when several institutions
began cautiously foraging for
bargains among the lengthen¬
ing list of share price-casual¬
ties. Strategists discounted
comments from Mr Nicholas
Brady, US Treasury Secretary,
that the Bundesbank was
expected to cut interest rates
"soon". The recovery of nearly
25 points on the FT-SE Index
yesterday appeared to reflect
Factors closer to the heart of
the London stock market
Buying support was very
modest, and the day’s Seaq-re-
corded trading total reached
only 381.8m shares, an
improvement on Monday's
274£m hut still a poor level by
more normal* standards. Turn¬
over -was. .boosted by substan¬
tial activity in .the electricity
stocks after Unexpected pric¬
ing review turned out signifi-
cantiy -more favourably for the
distribution companies ' than
the inarkethad expected.
After opening firmly, the
Footsie drifted- down to the
2,467 area' in early : trading.
Some fund managers', who had
taken the view that 2,450 was a
buying level, decided hot to
wait '.any longer in case they
were overtaken by traders
seeking to cut bear positions
ahead of the end of the trading
account on Friday. -
Share prices steadied and the
: equity market was then given
further encouragement when
pressures slackened in the
Account Draaflnq Oatea
That DhDbbk
■Aw as am 13 _ jui u
Opttcn CMnttmc
■JM9 MZi Aug a
iMDnhgt!
Jul H) JU H _ Aug 7
Aeon urn Day:
__*£_aO__^Aua3^_^A«17
How aw* dapBnan may Mo place torn
UO aai im ttualn— ■ day a Hdhr,
stock index futures sector.
Equities turned briskly
higher 9nd,-heiped by a steady
opening to the new session in
New York, where the Dow
Average added 6.76 In London
hours, the FT-SE Index dosed
very nearly at the day's best
At its final calculation, the
Footsie was 247 up at 2,403.7,
raising the hope that the 2,500
mark might be challenged
again soon.
The market was helped by a
good rally in British Aerospace
from an initial loss, and by
small gains in many of the
blue chip issues which have
suffered in recent sessions.
Improvements in ICI, BP and
Shell were of modest propor¬
tions indeed, but continued
weakness in the US dollar
foiled to restrain these large
overseas-earning shares.
However, hopes that the UK
stock market might at last be
seeking to establish a base
level were overshadowed by
concern over the outlook for
Wall Street
With last week's cut in dis¬
count rate by the Federal
Reserve apparently finding lit¬
tle response on Wall Street,
London still considers US equi¬
ties overvalued and fears fur¬
ther weakness in New York.
Also overhanging the UK
market is the increasingly seri¬
ous problem of low turnover in
equities. Retail, or customer,
business in equities was worth
only £581 .4m on Monday,
barely half the level regarded
as profitable for the UK securi¬
ties industry. Stock Exchange
statistics show that daily retail
volume has remained well
short of £ttm for the past six
trading sessions, an unhappy
start to the traditionally slug¬
gish summer season.
London securities firms have
continued to trim back their
office and dealing staffs, and
confidence was not helped by
reports that a UK clearing
bank had announced redun¬
dancies among its London
staff.
Fixed Interest
Ordinary Share*
FT-SE 100 Share
FT-SE EurotracX 200 1157.81 1156 32 1108 36 1160 30 1161.24 1147 90
•Ortf. Oiv Yield A 81 4.87 4.80 4 83
•Earning rid '.ftihillj 7 05 7.13 7.03 7.07
• P/E RdtloWelK ;-| 17,79 17 31 1786 17 74
S&AO Bargns 5 00pm 21,241 19,491 20.600 20,020
Equity Tumover(Cm)T 581.4 803.8 816.6
Equity Bargains? 22.265 22.647 22.487
Shares Traded irrnit - 262.8 043.3 338 3
Ordinary Share Index, Hourly changes Day's High 1906.9
0.570 26.095
IB2.7 80S 50
2.530 25.615
il2.9 385 3
Day's Low 1B85 4
>22-/51 I3<41 [22/5/92) (26/6/40)
160.6 86.6 734 7 43 5
]1Q/1) (7/7) { 15/2/83) 126/10/71)
2737.8 2382.7 2737.8 986.9
111/5) 13/41 111/5/92) 123/7/84)
124B 79 1120.62 1248.79 938.GS
111/5) 18/11 H 1/5/92) <16/1/911
inn ioo Com Sec ivmtt haa wt 1 328 omnuv
1.7/31 SoB oms l29/5i tosd 1000 FT-SE 100 31/12*)
4 F1-SE tuiBMtt 200 Tt/iQ/W - « IS it. ~ Connate
GILT EDGED ACTIVITY
FT-SE 100. Hourly changes
Day's High 2434.3 Day's Low 2467.6
Indices'
July 6
July 3
Gilt Edged
Bargains
942
94.6
5 - Day average
95.0
92.7
FT-SE Euratradc 200. Hourly changes Day's High 1159.00
Open 10 30 am 11am 12 pm 1pm
1156.95 1154.04 1153.67 1154 77 T157.71
□ay '3 Law 1161 16
*SE Activity 1974.
t&rcluding intra-market
business and Overseas turnover.
London report and laiost Share Index.
Tei. 0891 123001. Calls charged ai 36p/
minute cheap rale. 48p/mlnule at all
other limes
Rees gain
on price
leniency
THE electricity distribution
companies (“Rees") surged
after news that the electricity
industry watchdog. Offer, is to
impose a more lenient price
formula on the National Grid
Company (Gridco) than had
been, forecast by some ana¬
lysts.
Offer announced yesterday
that, as from April' 1993, elec¬
tricity price rises would be
allowed to rise by the retail
price index (RPI) minus three
percentage points. As recently
as last week there had been
rumours in the market that a
much stricter formula of RPI
minus five points would- be
introduced.
Gridco is owned by the 12
Rees who derive some 10 per
cent of profits from their hold¬
ings in Gridco.
'This is a good result for the
electricity distribution sector,"
said Mr Kevin Lapwood, a utili¬
ties specialist at Nomura.
Other analysts said the review
was certainly not as bad as had
been expected, with a pricing
formula of RPI minus four
points said to have been the
general consensus figure. “It
doesn't choke off the Rees divi¬
dend policy which is targeted
at seven or eight per cent real
growth; "-said one. observer., .
The Offer news coincided
with good results from See-
board and Yorkshire Electric¬
ity with Seeboard’s 17 per cent
dividend increase "trumping
the rest of the pack", according
to Mr Lapwood. East Midlands
delivered the best individual
performance, closing 20 up at
315p, closely followed by Man-
web, 373p, and Norweb, 363p,
both up 18, and Yorkshire, 17
firmer at 383p. The Electricity
Package, which ceases trading
on September 16, when the
packages are split up, raced up
150 to £3,148.
BAe active
Speculation early in the ses¬
sion that Italy or Spain could
soon follow Germany out of
the European Aircraft Project
(EFAj, put the skids under
British Aerospace (BAe\ the
NEW HIGHS AND
LOWS FOR 1992
6 LEtSUftfi (S) Aberdeen Steak KM. Anted
LeK Forte, Hl-Tae Sports, Reson,
WTurtedJte. INSURANCE BROKERS (1>
Hoqo DIVESTMENT TRUSTS (18) Abertortfl
Spin Leva! Inc. Abtruu New Euro. Biotech
PtQ Pi. Drayton Korea, Euro AaoaW. Exmoor
Dual Inc. Fleming FMg, Flmg Unlwwtf.
Gartmore Value, Oresiuun Has. LaUn Amor
Wts. Marttn Currie Pec Os Wte. Murrey
SmBr Mbs. New Throgmorton Inc, Wver
d Merc Amer me. River Plata Cap. & 08*111*5
Cop. MEDIA (6) Aegis. Bristol E«e Post
Co pi «*l Radio. More OTftrraB, Setee™.
Slunduneh. METAL A METAL FOJtUWC
(3) Cooper (FL Manganese Bronze.
Sycamore. MISCELLANEOUS (7) EHnwc.
Bullera. CoMn A Fowler. Ourtfey JcnMna.
Fftnrmon. Hartalon*. Stetfair (Wm>, MOTORS
(1) KwOr-fu. OIL A GAS (8) Clyde. GtoBOl
Nap Rea. Hid Energy. OTHER FHAMCIAL
(a) Boncalre. Mercury Asset Mngenu. umon
Discount, INDUSTRIAL MATERIALS (6)
Baynes (Cl. OMI, PoC»C DuMOP. W MS
Blake. WNiecrolt. UflUama. PACKAGING.
PAPER A PRW1KO (1| Spelton (Ml.
PROPERTY fS) CMW. CardlH. Ctaytemv
Mariuraoth. Merivale Moore, Scot
Metropolitan. Stanhope. Warner Eate. Wales
ary at Lon. STORES (S) Akron. Aoedn
Reed. Uoyrte Oram*. TEXTILES (SJ 6a btco.
Wenaura. TRANSPORT <2) Oevlee 8 Newman,
LOF s. WH» on Anglo Amer GdW. Beetris,
De Boon Lnh Ute, DesOtnui. Durban Deep.
Elandvttnd. Gold Helds SA. Ormnwten
Res. Hanebaos, Kinross, Wool, Ukanon.
OFS (»*. AandfenMn, 3<*rih«*al, Si Helena.
Unfeo*. Vert Rhm. Wsetem Deep,
wimetfiaak.
UK's lead contractor on the
project, .sending the shares
tumbling to a new low.
At the day's worst, the
shares were off 29 at 208p,
though few shares changed
hands at that stage. Concern
about .the dividend and provi-
. sions that may have to be
made for the regional aircraft
division also continued to
affect sentiment. .
~ But later reports from Spain
that it -would remain involved
in the project, combined with
"bottom fishing” by what one
analyst called "those brave
enough to be in this stock”,
helped the shards rally off the
day's low point to end a net 6
down at 231p, a three-year low.
Wellcome bounce
As the” bear raiders begin to
lose their influence and the
global book , building exercise
gets under way, Wellcome
bounced 17 to 900p. One invest¬
ment house was talking of bids
between 750p and 800p a share
for the 330m shares scheduled
to be released by Wellcome
Trust, the charitable Trust
which holds 75 per cent of the
stock.
However, Robert Fleming,
the. private investment bank
which is leading the global flo¬
tation is believed to be confi¬
dent that' the strike price will
be significantly higher One
source dose to the company
said: !*I would just draw peo¬
ple’s attention to the share
price at! 900p.” '
ICI recovered , (J. to .J145p
despite a profit forecast cut by
securities house UBS Phillips
& Drew. UBS reduced its 1992
estimate by £50m to £800m and
its 1993 figure by £L20m to
£880m. However, the house
maintains a buy. recommenda¬
tion.
The oil majors moved ahead
strongly, as did British Gas,
but the second-liners were sig¬
nificantly lower. There were
hints around the market that
one of the UK’s biggest institu¬
tional investors In the oil sec¬
tor had been unloading large
lines of stock in the smaller
exploration stocks such as Pre¬
mier, 1% off at 18!4p, Goal, 2
lower at 49p, Monument Oil &
Gas,, a penny easier at 31 %p
and Clyde, which dropped
3 to 43p.
But Enterprise Oil improved
6 to 400p despite rumblings
around the oil sector about the
resignation of Mr Peter King¬
ston, Enterprise’s technical
director, seen by some analysts
as a potential successor to Mr
Graham Hearn, the current
chairman and chief executive.
Vodafone were keenly sold,
closing 5 off at 326p on 5.5m
shares traded amid fears of
much keener competition from
Cellnet Securicor “A”, which
has a 40 per cent stake in Cell-
net with BT owning 60 per
cent, jumped 15 to 571p after
the near doubled profits. BT
moved up 5ft to 346p.
Glaxo bounced 28 to 677p as
UK buyers returned. However,
one trader said the stock
needed a kick start from some
genuine good news, before.lt
JFT^A AWrShare Index
: tgif — •'
1 ,300 . -
it*2®5
- ~
.> '. ...1992
EquftySfHares Traded’
Turnover by volume fmHiton)
■Stdudfhg: Iptfa-ma/xet
business & Overseas turnover
■
would see a return to former
levels.
Rumours of a profit forecast
cut were said to have prompted
a slide in Flsons. The rumour
never materialised into fact
but the damage was done and
the shares fell 5 to 21Qp.
Dollar-sensitive Rothmans
International lost 23 to 1076p
reflecting a weak US currency.
Shares in Vickers fell 6 to
135p after two brokers weighed
in with savage profit down¬
grades. Carr Kitcat reduced its
current forecast by £21m to
£l0m blaming continued weak¬
ness at the company's
Rolls-Royce subsidiary. UBS
Phillips & Drew was also
reported to now be expecting
profits of around £10m.
The building sector tended to
absorb another string of profits
downgradings. A big seller
moved in on Taylor Woodrow,
leaving the stock 5 off at 80p.
Tarmac dropped to 89p after
BZW and UBS Phillips & Drew
chopped their profits estimates
but then responded to a flurry
of stories suggesting that Char¬
ter Consolidated was still tak¬
ing a hard look at acquiring
the group and settled 3 up at
96 !4p. BZW also lowered their
estimates for Blue Circle,
finally 3 firmer at 2l0p.
With recriminations still fly¬
ing over the collapse of talks to
sell its catering division, Forte
remained friendless. The
shares slipped 5 to 173p. After
its recent poor run. Rank
Organisation bounced ahead of
figures tomorrow, the shares
rising 5 to 628p.
After outperforming the mar¬
ket by some 15 per cent in the
last month. Northern Foods
found itself out of favour.
Investors took a subtle shift
from Smith New Court as an
excuse to take profits. The
shares tumbled 14 to 608p
MARKET REPORTERS:
Peter John, Christopher Price,
Joel Klbazo, Sieve Thompson.
■ Other market statistics, includ¬
ing the FT-Actuarles Share Indi¬
ces and London Traded Options,
Page 20.
TRADING VOLUME IN MAJOR STOCKS
FT- ACTUARIES SHARE INDICES _
® The. Financial Times Ltd 1992. CompHed by the Financial Times Ltd
In conjunction with the Institute of Actuaries and the Faculty of Actuaries
Voior *
QDQs
C=er*i3
Pn^
Oar,
Bianca
Volume Oceana 0b,-,
OCA'S Price coaitgc
Voune OMey
OKs Price
041,
cnansa
Voim* Ctemg Days
000, Pnu duteflB
ACT. ... . 10
* J
- 925
47J
Til
luuts
* T
496
fa]
ASOAGrao - ..<>'00
™*'
-1
Cwosnn _ ... -
1.100
145
- j
MBCeraaon
404
259
*9
_. . .
. B73
6M
-16
WMiteuml . ..1500
Counadds —
HJ
. 29
3B4
ito
uowlFkaner _
6.-
. 266
416
+ 2
Mao«»*
1700
imith fW-H | a
425
,s
Mued-Ljatn . . 330
KC
,5
De La flue .
TO
559
f 7
Marts* Sprmcn
1 vr>
r 1
1.90) 143‘<
-1ft
Ammd __ . 1.«30
3-J
Boons .
1.900
223
T 6
UrtSind Sam _ _
1.600
4M
-4
d’f
919
,4
Ancuuiwner . . ZS
411
EaaUHnEkrd ..
ABM
am
4 7
Minima Etea
2300 VBh
,10ft Smkl BeeCHam Uli
-2 imim-, Injs
4005
*25
Arjo, ... .. . 02
zo
t»l tMiandEJsa
. 1.210
315
-20
. 809
250
13®
294
-f.
Anjytl diixp . _ 2900
M
-6
Eng ClvnaCters
- 3 no
5te
+•4
HiTArra fiini
3 500
223
3(6
, 11
Arjo mqginii _ . . 290J
Ak Bril Fora .. . m
231
4,-a
♦;*
+ 1
Enterpro, O* .. -
Es'ounel Unto
■08
ago
340
Haltcnal .
Neat .
2000
1700
2«
*4
Saute wales EjkI
SC4J01 DM A’aref
. 344
112
3Ur
411
,9
+ 3
Ais Bin Porta .. 156
E2
FKi
1 NO
n
-4
north Wetrt Mam
» |
333
* 1C
SAA . . .470
662
- 1
Focra _ .. _
1400
210
-5
northern Elect .
2300
3«
f 14
. 7<4 3641;
+ 71,
BAT Ina 1.106
70
,16
Forte .....
3100
173
- 5
1*5rthe/n Fara
iron
606
- 14
. S3?
419
+ 1
BCT . 985
*2
Gen Accnlent _
.. MS
450
+ 7
Nflrteed
BiCC . - - 2506
309
-5
General Elea
3600
JS6
- J
Pearsen _ .
. 494
380
Sun Alliance
J7fl
276
+ 4
BOC _ . .1530
627
5200
67!
,28
P & c . ...
141
H
ePfiUKS . ...309
rie
► A
UvnwM Im ...
. 2£i
217
Piikmgton
1 3M
lia
-3
2 900
319
-10
BT _ . - 4500
34,
-SU
.. ra
260
* a
PTWdClffl
1 630
1-4
137
h |
btw» . . 7.000 re»>
•r 4
Grand Un . .
2200
45E
1 *
Pniflenbji
2500
740
94
rift
Bin - . . i.ao
, 7
GUSA
. 217
1448
,ib
RUM . . .
nr
197
. iffi
3W
* 1
Bana of Sanarua . . . 3.«J
in
rg
GR£
1.6OO
■42
PUC .. .
. 424
■» 7
S3
-5
Barela,, . . . tjjOO
♦ 7
GKH .
12M
3.-3
-13
RT2 .
1.M0
we
> 10
3 700
256
-3
Bra . . i JM
£90
,]l
1.300
S32
> |
Pacyi .. .
2400
4J6
► 4
Bwotareln. . .37
s'-
.62
Iffl
-4
ftjra dig
818
7 re
,5
Blue Cude 1.600
210
+z
Hanson .
7.500 208ft
►2ft
Heuufl 4 Cctrnan
1309
Ml)
♦ 1
UrmhllD . .
. 9M
4A3
-s
Boot si . _ _ 374
064
-1
1400
22
Bertlanfl
1200
<‘J8
+ 14
1200
89
-1
Boats ... . 1.900
Ml
f «
Karri sonr. CineOerd
1.000
l.H
Rcea mu. . .
1 M0
“?
Boater . ... 1 X0
773
,12
Hiisaiwn .. .
1.700
152
RentoMI . . . _
1.103
164
1 3
■inrievei . .
4ffl
940
,9
Brit Aerospace _. . 3 tXi
21
-6
na . .
06
— 7
ftemm
261
ILS)
BmunAireav, ...3000
ZB
ra . —
um
1M5
+6
RrJB Boyne . .
3600
u /
O
UU lawrtMPer-,
. 199
411
,6
Bntsn Gas . 9306
-5
.. es?
443
,6
RcUhnunj
504
1076
-23
Voukav, .
$500
326
-9
Bntoh Land .. . X3
49
+5
l.aao
470
♦ 5
Rri BkScoUnd
1.800
1U
,5
126
483
-1
00 - '-.000
214
T J
hvr Sore ... .
,76
64a
" 1
Royal tmuranca
. 673
207
• 1
b07
900
,17
BntehSbM . .. 4800
DU
+ 1
2200
SmcN . .
. 7B3
13?
ffehn Waor
_ 17
462
O
Bund . :W
IM
.. 963
402
Satmouy .
oCOOsti 4 Me* ..
1400
452
-S
Wawu Warn
. 913
485
-3
Burmte Clairol . . . 397
t-l
-5
LflBxrt'
- 3*9
575
1.100
462
- |
wwumad'4' ..
20
441
- 2
Burton .... 1J00
46
-J
Legal £ General
1.100
366
,2
Sun. Hvtt<0-B*P.
3200
14*
16
Wdliann Hk>j3
l.UM
296
f 2
CttteJWira ... 1 930
524
,»
UovOS ANJtv - -
1»
JW>
-2
3cali!h Power .
1800
l»
* :
Wdio <3oiruwi
biS
210
+1
CMfiory Schaoppu 1200
Color Group . 116
469
179
*7
Uayst3 Bara .
LASUO . . .
1000
- 365
4U
l.T
-3
Sears ... .
Srwjwlct .. .
1900
161
79
163
* 1
Wlntpey .
'/Wseitr
1400
. J78
135
353
-3
,5
CdrUon CocnmK. .2100
an
,8
r!4
Saecoarrt . .. .
31
1 700
383
, 17
Coats Vyaiia _ 1800
iei
-ft
LxmrhD _ _ _ _
IM
74
,ll, uevorn Tiara Warn
9i6
408
,6
Yorutere Waiei
. 661
459
- 1
Based on tee ir&cung volume lor a selection ai Aloha
more are rounded (town
securities dealt through tee SE*Q system yesterday unill 4 JOpm Trades o4 xra million or
EQUITY FUTURES AND OPTIONS TRADING
STOCK index futures bounced
from Monday's falls after a
large seller of the Footsie con¬
tract, who had been active
over the last three sessions,
completed his operations,
writes Joel Klbazo.
The first trade in the Sep¬
tember contract on the FT-SE
was struck at 2,509 making a
fairly firm opening. Bat the
positive mood soon turned
soar as a few independent
traders and a large institution
went on the selling tack, send¬
ing the contract Into retreat.
By 10.30am September had
fallen to 2,487.
With the Large sell order
completed, the September con¬
tract recovered and moved
into more positive territory,
helping lift the underlying
cash market higher.
Sentiment was also boosted
by comments by Mr Nicholas
Brady, the US Treasury Secre¬
tary, about a possible ent in
German interest rates.
September continued to
move forward in a quiet after¬
noon session, closing at 2,520,
up 30 on the previous session
and about 2 points ahead or Its
estimated fair value premium
to cash of about 25. Turnover
reached 8.696 contracts.
The day in the traded
options market was dull, with
turnover a meagre 21,895 con¬
tracts by the close. Some 8,624
lots were dealt in the FT-SE
100 option. British Aerospace
was the most actively traded
stock option at 1,454 lots.
EQUITY GROUPS
Tuesday July 7 1992
E2HZ8E39
ij y j ii
xd ad],
1992 Index Index Index rndex
to dale No. No. No No.
FWe to Fifteen Years
Trsaa 8\ pc 7997a —
8X.pe1W7B -
Excti 15pc 1997 _
94tpc 1998 - — _
Trees 6 \ pc 1995-98S
ISJjpCflflU -
Excb 12pc 1998. _
Treas9iapcl«9tt_
Eati 12MW 1999__
BRITISH FUNDS
+nr 1992
Nam Pitta E - tagh low
“Short*" (Uvea up to Rite Year*)
Em* 121* pc 1992 - Wifi — 1«H» 100ft
13*2 pc 1992 - IMS — 1BI«1 100U
Tress 8 1, pel 993 _ OS', 99% 97 U
lOpc 1993a - ioo,* — mot w#
12>apc 1993tt - 103 W3J1 10111
Funding 6pc 1903a — 97ft — 97U 95ft
Trass 13 V pc 1933a — 1«>I -ft 106JJ 1D4V
8131X1994 - MftM -ft 98ft 98V
14>j pc 1994a — . — . 107JJ -% 1891, 106U
Bcdi 13'zpc 1994 - 109)1 -ft I07fl 105ft
Tress. lOpc Ln. 1994a. 101 JJ -ft 101% 98)1
Em* 12 *2 pc 1994 _ Wft -ft 108ft 103ft
Tress Bpcl994» - 99 ft -ft 09ft 965,
12PC1995 - IHVd -ft 108]] 1035,
EMU 3pc Gas 90-95 — 83 — 94ft 88V
IO«*pc19a5 - 102ft -!« 1031* 99ft
Trias 124, pc 1995a- 119ft -V 118ft 106H
14pc 1996 - I13fl 114ft 110ft
9pc 1992-98tt - S95k -«s 100ft 98ft
15Vpci99Ba - 118ft — *s 1«A "4ft
Excft l3Vpe 1966» _ 113]] -ft 112% loa^
Conwsten 10pc199C_ «3ft -% 183% 98]]
Trees 13V pc i9B7a— it*]] -ft ii4ft iioft
Ewft 10>jpc1997 - - MSft ->s IDS}] 100B
98ft 94
~U »ft 98ft
-ft iaU 118ft
-ft Wft 97 J|
-ft 93ft 88]}
-ft I29ft 123ft
-ft 113V 107]]
- 188ft 97ft
-ft 118ft 109*2
YMd
«. nsd.
1221 977
1141 978
8J8 931
998 840
1214 937
8.17 8J3
tL03 939
8J8 910
1148 9 33
1202 925
9BS 6.12
1171 426
9jBZ 908
1129 418
131 550
196 413
1157 413
1238 135
481 901
1289 932
1L7I 431
959 908
1151 428
498 909
184 900
994 900
1228 940
148 904
738 941
1285 932
1858 917
958 854
1054 417
BRITISH FUNDS
Nam
Tress ID*- pc 1999 _
Convwstao 10ft pc 1999-
9pc 2000a -
9% 2000 C -
Tims I3pe 2000. _
lOpc 2001. -
14pe -98-01 -
9 ft p 2002 C _
lOpeian _ _
IDpc 20C3 B _ _
Trass 1 1*a pc 2001-04.
Funding 3*2 pc '99-04 _
Conversion 9 ij pc 2004
9 >2 pc 7005 _ _
TreMT2*j pc 2003-05.
8pc2002-06a -
Over Rtteen Years
Tress II ft oc 2003-07.
Tress 8*2 pc 2007 tt _
8*2 pc 2007 A _ . _
13*2K'04-08_
Bpczoosa — -
0 DC 2009 -
Comr 9pc Ln 2011 tt _
9pc 201 1 B -
Trass 9pc 2012 -
90C2012 A_ _
Tress 5 ft pc 2008-1 2a
7ftpcM!2-\Sn -
En* i2jx '13—1 7 _
Tress B ft pc 2017 _
Undated
Consols 4pc -
War Lasn 3 >2 oca -
Cnrv3'2pc-61 Afu — .
- Cont
+«
Price E -
107ft -ft
188}} -ft
188]] -ft
180{] -ft
128ft -4
105« -A
1*8.’.
««}1 -ft
*•11 -ft
107 -ft
107 -ft
113ft -ft
B«*l -ft
104 -ft
184ft -*,
raft "A
HU -ft
1992
tegn km
mu ioi}]
188]} 100}}
180 JJ 94ft
IBS}] 98U
121ft 114]]
Wft 99}}
121 115U
195ft 98ft
IBS ft 98 ft
187,’. 100ft
107ft 105ft
1133 107ft
68ft 59ft
18«)5 «}}
184ft 96 Ji
124ft 116ft
92 jj 85 ft
Vldd
kts Red
471 404
954 905
■50 &92
054 852
1078 928
440 903
1151 438
9-38 101
430 901
439 858
458 859
1115 424
6l12 753
9.13 854
9.13 854
1115 814
8J8 894
BRITISH FUNDS - Cant.
+ or 199? YieM
dates Pro E - Iqn kw mt M
Jr®»J*,WAtl - 32 ft 32ft 29,‘i «5
Consols 2ftpc - 27)5 -ft ZIU 24U 958
Treas.2ftpc - 27ft -*, 77 A 2«U 9.11
Indes-Llnfced
, „ _ Ori ill (2)
5VM.2pe*4 — 1 11029) 127ft +ft 127ft 122* 258 401
2pc56 - 187 91 184ft fft 1B4ft 178 ft 342 *0*
ftpCjl - 1783) MBA +A 148}] 143 459 4 41
2ft pc TO - (78 81 144ft +A 144]j 138ft 4.U 419
2PCTI6 - (6951 147 ft **i 147 A 139,1 4.15 437
2ftpc V9__ — 1785) 134ft +ft 134 ft 126ft 4.17 4 36
2ft pc 'll - 1745) 138ft +*, «8" ijgft 4.18 434
2ftgc'13_ - 1892) 114ft +ft 114ft 106ft 4.1S 431
2 ftpc'ie - (81.8) 121fta +ft 121ft 1 12ft 4.13 428
2ftpC 20 - |K0l 117*. +ft 117ft I07J] 4.11 425
2ftpc24a - 1 9771 17 ft 97 ,5 88ft 458 420
4ftpc-30a_M35.il 99ft +A 99ft 9Bft 451 416
♦A 148)1 143 459 4 41
♦A 144]] 138 ft 4.12 419
*>, 147 A 139,1 4.15 437
+ ft 134*0 126 ft 4.17 416
+ft 138(1 129ft 4.15 434
+ft 114ft 106ft 4.15 431
+ft 121ft 1 12ft 4.13 428
+,C 117ft 10783 4.11 425
♦A 97,i 88 ft 458 420
+ .* 9U OB’. 4« 4 IB
+ft 117ft 10783 4.11 425
♦A 97,; 88 ft 458 420
+A 99 ft 9B ft 451 416
-A 11*13 HO},'
-A "ft 89ii
— 87ft B3jl
“A 132 A 123}]
-ft W1U 9Mi
-ft 93ft 85ft
-A 102 A MJi
— 1« 93!i
-ft 102 A 93(1
-ft S7ft 34ft
- 70]] 62ft
-ft Wft Blfl
-ft 188ft 120ft
-A 108 A 97 ft
1050 911
5.78 856
659 888
1032 413
855 882
953 881
858 853
951 882
853 8 79
855 879
752 650
851 8.76
9.23 884
554 872
Prospective real rederamlun rale on proleered lmiation of il)
10% and (2) 5% ibl Figure In (urenihee maw RPI bee for
indexing. He B months prior to hjuel and lu,r been adjusted to
reflect re basing of RPI U 100 fn January 1V87 Conversion fanor
3 945 RPI for October 1991 135 1 and for May 1992- 139.3
OTHER FIXED INTEREST
+01 19« Fed
-A 43U 39ft
— 39 A 35,5
- Hfi 59
Notes
African dev lift 2010.
AsHn Dev 10*«pc 2009.
ffham 11 ft pc 2012 _
Ireland Cap a ft pc '10 _
9gc Cap 1996 -
IJpc ^7-02. _
Hynroooetitt i5pc am.
Leeds 13 ft pc 2006 — -
UwemwlJftpc Inal .
La 3pc 20 An -
Manchester 11 ft pc 2007.
Met Wff 3pc -B1 _
N wide AntfiaSftpt 2021
4ftpelL 2024 _
UH Hex Sues I6ftpc 2008_
■or 1SSC
hah low
-]} 115]] 105ft
-ft 188[i TOO.*
— 1T3ft Idii
-. 99ft 86%
+ft 99ft 90
— 115ft 103ft
-]) 141ft 130%
- 125 116ft
33ft 30
_ 31ft 27
. . 111ft 103ft
— 60ft 53
111ft 103ft
— 1T8ft 103ft
_ 126 121ft
Fold
Int Red
856 436
142 920
15.13 995
151
959
12-47
1855 1010
1055 1017
1059
952 -
1054 1008
456 960
- 536
- 510
1351 1288
TAX-FREE* SPECULATION
IN FUTURES
Toobcm yacr *me GtUc la Iict» firantui BuaLnuiwr ivn hrlp
™ call Michael Muon- 1* bn )cnlJn,u(i 071428*7233 orwrer
H) lb IG Ifkio. fV.ni | ranr.fi, rConlcn, LinlunSWIV iHJO
SATOUOTE
REAL-TIME EUROPEAN ANDLLS. STOCK MARKET DATA AND
ANALYSIS AT REAUSTIC PRICES
* ALSO FUTURES * OPTIONS * BONDS * FX AND NEWS *
CALL ■ LONDON 71-329-3377 - FRANKFURT 49-69-639125
FT-SE 100
Where next?
HER S F A
Cili far our current views
CM. Futures Ijd
IbZ Queen
Vieioru Sirtei
tendon EC4V4BS
Tel. 071-129 JO TO
ft»- 071-129 1918
WORLD STOCKMARKETS.
WHERE NEXT?
If tiu im*. \ Vihw. r\kk \ Fiimiidn
('min 1: \«ihi*n Fn,Mr«u>fl7l-245 Win
SCI ItNMill Ili.Xiiluiiuhui. SHIN Mil
MlMIHVIH 111! Slliallll, tuih „u, (■ lllinin
CROATIA
The KT proposes *n P**b-
li'h this Guryev ,in
September I 1992.
This i» the first suncj
be publishes! bv the Finan¬
cial Times on ihe Republic
of Croatia anal as suclt a
ttill (icncniic j great deal
of 1 meres 1 amone our
influcmidl readers in over
IW* counines wurldw-idc.
To reach this audicncc
th rough sour adseriisc-
ment and to obtain a cop>
of the editorial svnopsi*
conuci ■
Zeljko Paul M.tndic
Tel OS I - 1**1* SS2S
Fax: as 1-399 7 1 96
or
Conntq Davis
Tel: ff’l-sfri 3514
Fax l>7 14*73 MIX
FUTURES &
OPTIONS
TRADERS
«MM|ifie3|irtaM0
court rrtrt trowel
BERKELEY FUTURES LTD.
IS PARK ROAD,
LOHOOHNW1 6XN
OR TEL: C. DE ROEPEft
ON 071-224 8499
Perot & the Markets - Boom or Crash?
Pood all about rt in FuHerMonoy, plus for
cuTTcncH?-. bonds. stocVmGfkelj ar>d commodities'
CaJt Jane Farquharson lor a jornpic esue -
To): London 71 - 439 4961 or Fax: London 71 - 439 4966
SatnWteues. A iSt of constluaits isaolUWefrom the ftAllmas. The RnandarTIrea Nmaer One. Soui^wfc BrldseJ^Btfon S£l 9HL Th
wtert)iUM^roraF)?BTAT^d Fto? 126J*rmf nSmst, Lonfeo 5W1Y 4UJ. Teh 07^9^^23.NaSiE CHANGE: Blitoa (Percy)
Bllton.
TRADING STRATEGIES & IDEAS I
Currencies • Bonds A
Energy • Metals & ■ C \
Oil Markets Irf I -
Setting The Trend For Others To Follow
Trend Analjnls Ltd
nenrwo Housa
325DuthC5te Street
Vftnchetfor
Hants 5023 901
Teh 09E2 B797G4
LEGAL NOTICES
la The High Coon Of Jitnicc No. 0W423 of 1992
Canary Di*akn
LV THE MATT Eli OF PHARMA -PLA5T
IIOLXUVCS LIMITED
and is the matter of the
COMPANIES ACT IMS
NOTICE IS HEREBY GIVEN ten i* Onto of
Um High Coon gf Juitice (Chiscery Diviiicnl
dued 16te Jane 1991 caibruifig tee icduebM gf
Ihe cipiul of die rtrave^wned Coeipmy lima
t6.U6.U3 lu £2,060.000 and lira Minute
by ten Court ibowuig nlib nijud 10
the Capital at tee Gaapony u aimed Oc ae-enl
parii«nU» mpbod by tee abo-o-mcjatercd An
woe Rgasanl by On Rcgutnr of CgnptBia an
JOteJnelKZ DucdteiaStediyafJnly IW2.
Holman. Fcnvld: & Wiliu, Miriam IIodk.
Lkjydt Aatac. LONDON EC3N lAL.
Ref: SIW/JEU5H.
So! inter, for tee ibne-norited Carapauv
^<0 le- e'wtncil, k->
v.-ilft marrl jMinc.rn.req;
■" mg A |hfl
riirirf jru .'■■L im,nnj tor i.'.Fri injuf in
-aff tni«*lp ■-•••■ nobA» •’/•Cri Aio .n
Lteiu'itJi ni'jintiin "ft-uf ic*
. . c-i 3< ■■ l« d-jn.cn f* }h-Vu
fra-r hi !•'•«« .111 rtt'.t.r ini' &t-
•TiA,. d Oftf vLl?c le IN- »PI| rg i Ifc fc». U«n
^ r-Oftt* fiwb-i-wn im ifi<
■jri^i<n*nji.on ol P'*C"k null' m Wf
•■"■J fii-niirmoeer AairMn6*ai5 *n.t;n
«<v>7in lit- otiiaw lip 4.-‘Wte.Ci»p «<AI .n
Cntfiano and W.hif. frr iS*i ‘’h'ftfiuM' Fncr*
lh- f.aiter' *» inn miimd, "I M.fiM-M fLidre
IO rt ''ff-si * cedi 'C D h.ifltd
IhfO.'i.n ine pool Tnw rrovivurii
-1 9wb,c?i w 1 4 v -ft ran (If
coiitffi'u)! jnM f<nAi tn.L' 1 .‘■acri i >1(4
dvenant.rtosa appiCaamJirai, im>a|t *9ur OJi3
iKfT IBrt L'-iy Iftl HUriinq 5«|i,nfl n r*+ >%
V-0 pi-CS p-i'4 E7t 9ulw"infl Of (iU-(Hai|f
undOf n.u imiU UlUinq j|i]pgrmKniii II ift
a^Crvnoo>-H v(-x. irra- Opira ra.rvilign <>l Pta.j
PjICTbw Pica F*nai pooi iifo
CalDOlali' Ol l*te. s-ft.ll
NCiG uvllirinrtuj L,.mab(hi
V
J.-J. U-L
26
AMERICANS
NoK
Ab&qti lata_ _ It
V«kghoir&W.__
AiraaW— _
Airea Cyanarrnd _
A/ner Eipmc _ _
Sm*iT4T_. _
Areer, tech _
taikAowiu _
BanhpsNV.. _ _
Bdl Aliantr _ _
BanSouin„ _
VtaHMiem Steel _
Bowie _ _
CPk,,., _ h
yCjdii Land Inc , .
Wkurea Engy — ..
CMigtKKSwft.. - -
Cia» UmhaHio —
Chtysfer — _
C'twp._ .
Co*gaii-Parm ....
Cowiaaiw — _
Dana _ _ _
DataCwvjj* _
HOewra Mas. . . .
Dun S Biad _ _ _ _
Eaton _ __ —
Ecftnn. ■ - -
FPL . _ . - .
Ftutu .. .. -
FoiU Motor -
BenffcO-. — —
V&onfral Ho-il .
(Wens -
Hshra _ _ .
H(flie/V.nO - -
HOUStOi' Inds -
IBM . .
ipqtrsoa (land —,..h
Lockheed-- _ _
Low s. .. - n
Mernl Lyocn _
Morgan iJP|._
Mnms iPOihp) _
«VNEV ...
Poetic A^iaiturd on
Pemurel _
Guhci Oats — -
PottneO _
RCP If Y _
Sean Roebuck _
SOlweSWm Ml _
Sun Oo_ _ _ _
Tennew -
Ttijco. _
rare? Warner _ _
VUrulaB- _
Uid Teen -
ft. uttrao, vm Caeca hi
■HIRSIntl It _
US’.VesU - -
Vanlv _ _
WKIa Manage -
V/hukuW _
V-Aociworn. _ _
CANADIANS
Notes
VAWmI En ergr -
Aims Be no _
BfcMWWH- _
Bv Nova Soil -
vBCGas _
BCE. _
yEhaecan - _ _ .
HSreak water _
Can Imp Bk. -
CanPaoliC- _
JpcDeb - —
WDertm _ _ _ _
VEcno Bay _
yECO. _ _ ,
VGull Can _ _.
Wawket Sid _
VHudum'o Bay _ -
VlrepertllO* _
¥Mi Corona— _ _
VMuseneM -
fN A Tire Recyttnfl—
Nova Cot Alberta _
*fir« Algam— _
Royal Bk Can -
yrvx Com _
Tororto-Cwi -
Wans Can I
BANKS
Nans
ABN Amro FL- -
ANZ AS _ B
■Abbey NaDaiul —
■Allied InshK -
■AngrelnshEI.-tg
Banco 81*00 Pxa —
Banco da Son PUL.
■» IretonolE—S
Bap*' leum HJKI _
■Banv Santoro. _
9%ccPt -
9%pc PI -
FINANCIAL TIMES WEDNESDAY JULY S 1992
LONDON SHARE SERVICE
BUlUXNG MATERIALS
Price £
lazgic
Mp
9019
30%
«%ra
230
»%
aid
23 U
28%
7*. i«
ICMpo
24 \1 «C
«5p
KOp
TO%«1
M Ad
IS II)
-19
+%
•it
-%
*>1
-ii
-■a
+%
“i*
-26
+1.
Itn pi
>33p
!1S9p
37
13’,
74 %
30 II
27>,
37
2fi'a
tf%
OH
157tp
2S%
342p
B33p
23,’.
IS',
111;
2 HH
tow CqjDn
147, 13013
2iGp MU
79?» 1009
za% ares
lOj; 5.937
21*, 38988
.12 'a 14.722
HA 8.017
2.39*
23*. 10009
IS 12.133
7 8816
i«*c HI!
2£%
1S8p
6£Gp
17!,
9*3
6'«
3.777
112.9
4,1*4
2429
2.094
«• ^
Grt ***
an HiSSeaiAl -
58 -
06 SHWjwiFFt — -
>q Sharpe & Fisher —
42 vSw(A| - —
20 SMtfetdMsutt —
55 ■Sprtngfian - -
29 Kiam** -
4, BTaireae _ _
59 ^Wv. - - 1
=r BTrayi Perttina. -
_ 9-Tudo* -
59 ■Un'gicup -
95 Ward Gnwp - 1
. OWaierhcmse -
_ ■ffidics _
» i tfWHtaa -
a, iwobdey -
31 Worcester _ — ♦
Pi ice
87
4 'a
23 OH
70
a
os
132
It
98
183
163
35
H
139
36
so
1SH
3594
223
Cont
1192
lagh
-1
-Z
-‘7
««3
_ 100
_ I
-V son#
a
in
in
nB
161
178
228
39
Z*
91
43
*1M
1**4
*79
2Z3
1
MM
Vfcf
tow CapCre
IVl
7S
204
33
4
195
18 3
£41
4.037
39
70
145
76
Zl
491
31
70
2*9
73
131
4819
03
■0
312
40
M%
8999
70
H
180
27
163
1S68
66
31
393
19
8%
4.11
—
67
189
:
23
QJ8
;
S3
2319
—
8%
1Z9
33
333
8340
4«
136
*60
£5
i8T*ra -% 11%
54
1914
*7%«d ♦,! a/.
25 %
4.416
W3p «6 1038p
*WD
1992
21 %d -% 24%
14 A
9108
48 tp +11 1804*
mo
11X9
MBg . . 1220
660
—
a% -% 33%
27%
1263
31% -1% 46%
5%
1021
s::m 11
7%
HU
18% el ffl
18 ■!
MBS
a -A v
M
LSI
n -A 28%
15
18.918
40% U +% 48%
40A
34066
439p -9 SUp
aop
-
a. 'ini +a a%
23 1J
8.635
144 -% 18
12%
1071
31% at -1 43
V%
£.409
a\ -% a
22%
2582
S1W +% S4%
*64
a.107
is %k 19.%
t)%
1.400
B4 -% a’.
22%
1088
tfllflp -n ),73nBIS%5
74X3
Z7u . n|*
24%
2773
38 1; +A 37%
28,;
5089
48% O +% *5.:
37i:
37088
414 +% 44%
39%
6539
i CxU Uro Inc
13’, +% 17;:
tor.
1017
a%u ♦,! U4
23,;
38X3
a .id -,l 49 A
73
2055
H-, -a tsi:
Zl ■;rd .-- a A
u>:
2645
ifl'4
1.119
a%rd -% a
>9,;
69*1
33.4 *.i 35%
31%
9.924
134 nt +JJ 16%
'3,1
1.459
19« ♦A 25,’.
,6%
2084
33 Ad +■; 36%
5£7,n| -ij Tai,
301.
89*4
46%
1*58
3S5p . - 587,
3ttp
3Z90
a%nj -% 3i4
26%
2298
04p - 1%P
Q%0
238
19% +% 21 Ji
t£4
1845
881* 48 1858,
4-.-Y
2210
11m _ a
17,1
1919
HISpto +7 2TS9P
t£74o
1099
14% +.'. 18 %
14,4
1.891
BUSINESS SERVICES
1992
£0
J2
18
- NOUS
- WOTS -
40 4ATASetad _
3 2 Adam l Haney _
iAM London _ r
7 9 Alncan Lalret _
1 1 Kflirto im Sec_ _
2£ WBET -
29 BSNBRe _
*6 BPP _ _
16 Baboifl Iratei -
OB miniead - 6
27 ■Bnl Data Mangf. R
7* Breaks Scnrica— —
53 ■Bum^-Anderson.
Z6 BCRT. _ ta
52 Cap'll -
' 5 ■Casket _ _
2t CMMm Caiuui _
40 Chnshe Group. . .
29 -iComac _ _
6-3 K-Cop Serve -
Dirt -
■ S ■bivq Sendee -
7 1 -jew fact - - -
27 ■Qantiner. - -
4 4 ContnwDC _
26 »wy5 _ *
56 1*4000 RnrwMon _
50 ■manet Protect S.
75 yHutch Whmp HhS.
*8 sSBDKr _
54 sincncape -
1 0 jitraon Cfc-arcre-
- MLep _ r
18 MITIE _ I
Manpowers _
- ■NMW Comps -
61 BPaselMl -
- 'jPcnna _
■ 4 fPiime People Zjt_
3 1 iVhoudSwi 1*1 -
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REA -
Retd Exec -
vfleGance Sec _
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1 RoUeS Nolan _
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4 5 vScoR Pidiford _
4g ■ScOrrlpuanl - 1
7 g ■^Setect A opts _
61 Sarto. -
eg ■Khrsood Comp—
3,7 MMcMr/ -
4 g Warner Hpnad
,3 v/tioac -
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5J
10
CONTRACTING & CONSTRUCTION -
+ W 1597 IfU
Pntr • h# In Capfim
103 - 137 97 1BU
110 — 121 85 114
44 _ 41 33 4.60
79=1 _ 79 53 1U
81 - 68 ST 179
103 — 140 108 740
233 — 272 210 ZXG
184 -6 236 1*5 404
60 -6 143 79 31X5
998 -*fi 686
30 _ 40
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16 _ 19
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13 — II
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315 WOTsan Bowden — 386 -1 ’461
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pit Notes
£4 KRaev Inds _ M
46 Rntxcfl _ _
0 {6awItMht _
- *wn _ t
* ■SShorco
73 37JJ StafcfflWnil
1 85 Smart fj) _ t
9fl lay Homes. -
- Try -
— Vifiropmrl -
Z.S Ward Huge -
- *w«coi -
- ■aresiiM-y _
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Cont ENGINEERING
to
Grt PTE KW
78 109 BnxPrE Tool _ t
10 74 ._.
86 tZS 9‘jpcCvJOOO-f!
14 154 Ctavton. .
44 04 Contanlns _ |
18 7.6 WrCVdeUI _
158 113 BoilMlI Par* _
74 132
21 1 5 2
GENERAL - Cont
4-gr 1993 Urt
Price - Ngh lew CapCn
S ->J IS S 147
MS -7 17* 112 T7U
143 _ 184 m 5X7
48 _ S3 33
£70*3 _ E7B>; £821,
VM
01
HOTELS A LEISURE - Cent
+n 1892
PTE
- 8akSwh_
Notts
141
6JS
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4SS
13 ...
ta ...
185 -J
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3*3 549.4
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188 -11
383 -10
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nil — i*
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... £941. f66»,
■*6 "525 381
_ E80
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♦9 557
4-1 49
_ 44
46 148
_ 9
891
483
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289
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1474
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624
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725 5584
32 192
284
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1804
ELECTRICALS
•v 1992 IttT
Pncr - m$i tow Capdn
48 _ 41 30 180
19 _ 22 12 172
E38H ->2 E3TH E26% 8917
305 -5 368 29H, 1J19
TO? -i, 121 90 1884
280 -0 792 234 254
8M _ 28 7H 176
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P*
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- Notes
♦ AraHecrc A nv —
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105 ASEABSXr -
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16
41
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49
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12 9.4 Beaks Hunter — fg
3 7 145 ■Serm l 11 Flam —
16 9 ■0UI0I" A -
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3 8 123 Per CMna Uf» toe EUCtnCTV
■Ddonde _ 111.
104 363 tfadenl _
4M«MghMs _ *
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60 217
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253 ■Dei* -
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6 EJertahci 8 SKr —
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156 EressaniLMlSKr.
54 111 Fuj'OeY _
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89
470
in
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7
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-I; 101 63 2884
_ *1 13 171
-I 35 46 417
-S 315 280 114
_ 12 >. 0>2 194
_ 50 51 190
-3 435 305 602
-9 250 170 4446
-H E«5» £341, 1240
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97 94
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144 ■Euro Dtsney FFr_
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129
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—
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790
28
195
132
140
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126
370
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15
178
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—
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707
-
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_ C1IV £15!, 1028
-& £19 “J £14 •« 1381
-I 113 96 124
-6 287 217 1665
-3 328 250 3(4
-1 357 260 US
— 13 II 1JO
— W 2*5
I CHEMICALS
47 Notes
30 AknFi _
*2 BAKnlCcfads _
16 ■AngtoUtd.
OaiKtuKanY -
Ooilsche DM -
Espuilo Santo -
FueBanKY_.._
HS8C HK5 -
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<!'- - _
■Mknand _ .*
Mii9ub8t< v __
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i^OCnnelbl _ +
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WtSHMC AS _
raewtt Ta Bk t _
Pnce
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156
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117*4
123
333
584
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1992
bgn kn» CapCin
- EMI. £12^ 3542
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_ 317 257 1618
+1 in 154 1438
- -58 37
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340
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ia
+7 411
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— £264 '«
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330
109 1210
285 1338
450 11726
£2J1 ■; 11J61
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3448
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51
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58 ■Ewde -
63 7p Rd pi -
75 HafeteadUl _ t
50 273 Wanons -
15 - 7pc PI _
52 173 BHlcksoiL. — _ _
105 - HoedtslOM _
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Pnce
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176
6
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627
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128
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27.
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117
3199
6
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79
12
:«%
£21%
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39
585
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118*
493 11359
06
321
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339
338 1372
41
279
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239% 1*73
1 1
412
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443
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459
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474
204 2616
10
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-%
no.'.*.
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04
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_
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773
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13
386
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300 303
t»J
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£188
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147 1.421
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09
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19%
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07
418
+1
518
403 984.7
84
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-%
a,;
£5 17074
07
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CIA
£3 4041
1 T
137
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*15 2087
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760
136 360
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1.0
355
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7*3
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132 1068
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339
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10
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9 ■Piysu -
BREWERS & DISTILLERS
Kota
■AttrsH-yire _
AnheuMs-Busch 5.
Wais - Hi
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556 -5
546
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1992 Mkl
t*jr. to* Cap£m
712 569 15*4
£33}: £28,; 8.424
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1*6
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112
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84 jttjYlJl -
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high
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2088
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228
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ns
130
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£76%
4.7*7
79
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596
2065
4.7
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103
2481
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1298
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114*
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1179
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851
532%
8840
4.4
_
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1870
41
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29
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1.734
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1010
52
_
330
290
230
65
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1117
32
<
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218
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30
ELECTRICITY
Notes
VCmna Lrghl HKS _
■Eastern _ L
■East Midbmls —
■Lrndcn^. _ q
Mklamreb — i
midlands _ q
4J 1X0 WabotU Ppwer-q
o ■NqnNm _ q
- ■Nonmb _ q
- •POwertJerv. _ q
716 BScot Hydro _ L
f ■Scortisli Power _
,94 - 0
q • WSflUTTWrn_ _ _ Q
■South Wales _ q
tic ■Sarin Western _ q
” BYorkshre - q
Pitt
hfeh
tow Cap£m
Grt
WE
zn
-5
233
160 1738
29
—
288
+7
303
196 NU
5.4
100
315
+20
321
30 B3BJ
El
7.4
383
+14
342
218 8780
57
&3
373
+18
385
254 6260
56
73
331% +10%
352
217 1570
88
8.1
249
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Bl
188 1174
50
80
348
+14
311
225 5118
XI
IS
363
+48
389
228 7*70
18
83
289
+4
282
196 X023
40
17
294
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204
T43 1.081
4.4
140
185
+4 188%
14£ 2078
54
10
348
+13
304
2Z7 5220
50
74
388
+11
311
£00 1014
&1
70
3B
+6
191
243 4450
11
80
333
+14
348
220 ms
59
13
383
+17
>98
281 9380
14
11
04
aS % 71, pc Or Pl-
6,1 i64 WaJnsdensIK) —
38 24.7 mirtiOS- -
- - BltpCv PI -
11 1S8 WRegol Hotel -
26 74> ■nssartHotts — M
28 111 BRysrHoWsE —
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-a
tBSB +10
3 • _ _
23 _
41. _
208 -4
««2 -
296 +1
m -«
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268 +3
115 +1
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34 — 44
33* - «
6* - 1885.
34 +4 T64
22 42 K)
288 45 m
82 -2 93
274 _ 381
*24 -11, «
2 _ 3
88 *4 *123
126 _ *188
26 _ "31
116 - 128
29 _ 01
71+1, 92
162 -1 *108
991, — 1*2 118
130 _ 177
EU +5 772
16 1 _ 122
*4 - 8
63 -3 *861,
Ml
bn Cap£»
47 8J8
135 HE
7K 418
54 VA
5 183
158 1U
71 217
92 1116
4)9 2923
16 148-
283 m
1040 1.795
21, U1
29 1U
4 182
186 7.17
8 286
282 *611
171 4*16
183 2U
192 1MB
94 144J
8>, . 118
102
3 7J3
32 171
94 24J
24 7JB
19 179
198 1254
80 4.71
288 313
371, 2911
14 133
66 1624
128 311
19 Bull
115 448
29 US
.70 6408
ISO XLf
921, W7J
125 108
587 49*0
91 2313
34 . 041
■ INVESTHENT TRUSTS - Cont
YU +ar 1992
61 ffi Notts Wee - Wtf
U &E Zero 0(02002 £384 +>> 0*4 735
fi&- ftl cBBOOfOllHl ■ '32 -
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29
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287
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414 226
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*71 -I ■ 5Z5
11 _ 17
tom tow CapCre Grt PfE ?CTf1 "* - ■—
B» 480 37X8 44 4 gtrnw - — -t
36 * KSTtoergAtoa—
OB 284 l^&rr^mnmental —
23 2*4 CtoUo*to_ -
45 74-Crothtt -
34 156 wgrrami
* - BOty & Can Inc —
_ - WarrartE— _ _
55 tOB ZaroDto.
487 413 23X9
J7J HD 17J
£51% £48% 1924
£22% £18% 5525
■» 444 121.1
81 53% 149
*2*7 206 779
88 41 2X4
258 180 891
» 21 IU
29 142 227
8SU
Z* 2id Ora*' Venture. — . mi ; -6
33 ,sa Cam Arams — - ut —
Bi _
jgjgMCntW-ga
P* WPteOK _
139 ■Ftnterare _ t
50 JSPaa«l0gy__4
47X1
1Z% 199
128 12X7
285 5X9
at ■Contra-Cya Inc-u 98
K ■ Cap - m
ZaraKvPf,
34
♦ fNtty UBe_ _
9« Kynh_
£73% -11, £18% £11%
138 _ 138 131
U M9
,if "Ji ENGINEERING -GENERAL
13 - +or 1992 UM
4.6 M2 Nates Price - (egp totr CaoCm
- - BArif. _ 90 43 131
147 Sf BOdwst - 1M - 139
SC 112 ■Aensse Ere-.: 13 — 38
42 as BAbes _ *td -1 82
S3 - ASajCcoBStr _ £21% -i, C3H.
23 - vABasConv - - B3 -2
15 167 ui _ M 09 -7
7J 85 eSG_ _ — B 30 rr
78 7.3 KBCOCklefl - SI -I,
182 52 MibyfCH} - 5% -%
92 75 ■BairyWebtfeL.g Ml . +1
I - Searited - 23 —
7£ 125 7o Cvftd PI - 5J —
34 - Severity - « — 41
- - Back & Decker 5 — £11% -% £15%
52 Ml BtShdc & Fdc _ 1% 1
t 45 Bugod A - 25 —
- - BooSiLnCs— - 82 — 84
137 420 nmosra _ 7*5 ZT*
- - ■Brasway _ 19% 3
SB 6.0 toftidoil - «7 _ 103
*4 IU ■atSMrt-Gw«rv_ 9
23 tCd ■araaOarirteJ _ 4
<9 30* Srereagicvp. - «S
1.4
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19 337 “ "f™* -
34 • %« bC -
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- M Cap-
132 2*t9 32 my*” —
£33% 1X35 16 -
714 35X3 59 5 WroTOpBtoaO*.
_ Zero Pt - - — .
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60 1X3 “■
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95 2B9 73 161 -
88 7X4 82 1X7
1? 49* t 31 tm
c§ aS 77 12S B5**"SCI
£22 3I5J ZT * ■snuaBpaaamAT
" - * «Takaro_
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w2 IWalftugE _ t
in w u HOTELS & LEISURE
240 72 * +w 1993 . M*
«*a to 161 HBtBf Pitt - mil few Cac&o
145 44 250 »*Alwdaw3tt_ m -2 28 Ifl Xm
W ft® IWfMobHjb^. 49 +% 3b 42 37
691 49 7.7 BUM til S4d +ll 321 2X 349
07 2,4 fSSSSw^L6**1"
jj iS’Sgz:
as-SiEt*' "£
M _ BJoradU heGIh— 848. _ BZ 480
_ - Oonedm Wtolda 489 -4
— 4819 TOO
- 8X1 129
13. 1X9 1X4
49 1229 .42
85 26X8 149
19 1750 775 **^Y' ^ , --
- 1047 08 iSropcCvLo 34.
- - - BAnaytac _ M
- - - B _ — _ _ _
- - - ■Murray loll _ M
80 892 83 B _ “-7—"
S : 1^*"?**"-*
12 630 190 ■Moray Spftlnc— .
XI 9210 112' iS« ~
XI 1789 122 7aw.nh.PW '
1.1 519 iXi.Munay Venture*-^
70 2099 49
89 8X5 243
130 -
-140 4 37.7
39 2809 109
XI 3888 1X8
59 11X1 -63
89 1060 -57
X4 95.1 09
85 380 X2
-12X1 238
89 2552 40
68 SS09 103
29 2720 159
189 — -
- 1303 47.0
59 31X5. 255
~ _ J7 ■. _6%poC» Lh 2010 £84% __ £84% £75%
815 114
-151X1
■9 1000
- 21 JB
72 ■Nwrarariai tf. _
30 Blew Trims Inc _
99 Caa
2B 159 WEGIiTiuSt - a
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48
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. ta « 0 ■f-M wfr.. ■ ■ ■ *nd
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160
117
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233
145
425
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- “ - Nrrw Zealand _ M
19 27X5 299 Mb Am
XT 1864 49
- - - wtbftftoa
179 - — - Nortbem _
• - .389 865 OtaCnw.
- - ZcroPt _
59 829 .10 KtacMtttor _ t
Ml - —
- 450 389
TU 901-055
64 -
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M S7® 48 SSgrtx,..,.. ; ”
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U 840 161 jjjgL
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67 - - BScprEW -
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ft ~
. IB _
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188 48 • 1SJ
»* — ISO 142%
.«*: - . tBB 314
• « —17153%
TW%. i_ -in 108%
081 . t— • BB 489
®% *% 88% • 54
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- 9803 2*0
59 21*9 -226
49 1317 111
W«.T 1*0
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LONDON SHARE SERVICE
>
FINANCIAL TIMES WEDNESDAY JULY 8 1992
27
_ iw% im%; - - -
-aciwu m%
INVESTMENT TRUSTS - Co«t
198?
Noted Ban. • NgTl. low
■Scott* An _ t 169. -% .178 .. .157
■ Warrants _ 26 __ 39 S4
■5cot Mortgage-. «7 -*2 1£ 139
■Seal Natural toc_ K% -'i W 93%
■ Can - « « 12>a
Slapped W _ —I W'i .
Zero On PI - 1*9%
Warrant!-. ■■ — <%
Seal Value — — n ia%
SecAfenw — :~1 ns*
Second Marta — & z»
■Sectoral - 57
SetatAsnt* - 99
EflWSwi - «7
Eq MSertl - 117
SNres— - 227
lipcCyLn'WM £189%
SamSdtoCt - 71
Warrant - 12
■SmaSsrCw - 79
Warrants - «
■smttfclnc - N 13
Zero Ore Pi _ _ 75
Siianem _ IBS
Sunil - 89
■TflOtyol La<i_U 114%
■m EwoGiowOls 79
Pig Sub _ a 44
■IP Far East me M 99
Warrants _ 16
Tfl High he _ 199
Sub _ _g 21
■TP Padlk. _ s 82
■TP hop _ 21%
■mSmUter _ 129
■TP Tetrmology _ 29
$%pp<al Pl._ — _ 101 1*
Zero PI _ T7B
■Temple Bar. _ 7SS
0pcCvUi2OO2— £119%
Tempielor Em _ 190
Warrants - S3
IpeCvLn 200I_ Cl 971}
Thompson Oh* _ 139 _
■ mormon Asian _ 91 _
Wanants _ 6% _
Tnoimmi Pan Euro- 29 _
Wirrams _ 14 _
ihiog Dud he _ 90 _
Cap _ 329 -3
Throgmorton _ B% _
warrants _ ta _
■Thioa USU. _ 4 124 +1
‘.Vairaim _ 23 _
Tor ire _ K SOat _
Coo - S93 -
TpokmTM _ 550 _
F» litounc by 1st or Bang Tim
Trustor PWp _
Tuii.ey Truer _ a
Warrants _
■USOC- - _
USSmafer Cos _
Warrants _
Value Bine— K
Venturi _ 1 L _
Inc _
MEDIA -Cent.
W 09 K +«
Oft nay pmt-) - mkh Rce -
• *71902 101 wmu— - - SB
- - - ■ warrant*. — _ 34
M 1764 144 8%pCvP1_ - 36 -1
- -.VWfflWWBfeS— - ..463
- 173 -283 ■VntaMnTVi _ 177
M
— 183
1093 Ulri
t*/i tow frpfjn
38 309
3*a 4.19
26 774
391 nui
152 924
116
9%
49
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fir's
OIL A GAS - CooL
WE
Non
- - yflowVakyS-
36-229 <• Brabant. - ,
36 03 WBridgeMAS -
Bril BorneD-
MERCHANT BANKS
** 509 -33 . - + _
Sffi «. •• •->«*
M Ton "so ****** 81 — 34 -25 874
fS-«22 5M BatnostettoaUPIL .99 — 190 63% H3
U1205 294. g^pcfc-caiPiL. 117% .+4 UZ% 1034 474
4* 70 - 2B4 70 n*
M9 — 287 245 912
■Hattons _ : _ 249 44 292
7«apcOrPt-— - ‘ 199 — 119
u : Brown Sliptoy -
*—■ • rw.n» ¥
194 340- Off
194 - - -
. 14 844 163/
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319 18.1256
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U5 177.4 134
34.1084 543 JSS" -
. 94 iiw.-flj- " ""
T7 347 166 . ’ •" 7 -
U;»; 115 METALS ft METAL FORMING
+flr 19® MU Ylo
74 mz W« Me9 - bgh low Cap Ire QrY
-7.1 - •ASW - — 194 - IBS
<U 836 123 +APC*)MfleU* - 133 -I 1«T
9.1 203 306 AsbAlacy - IBS — 188
as 1434 132 ■8arraU{H) — ; — *. . 29 -1 43
94. 760 959 Bfc*W) — 111 -3 144
74 - ' - • -■ MStllL. - 9312 4-1 88
- -. -'■CU - 29 33
. BA Z75.1 . .-73 "listings—1- - .• 170 - IBS
12 - — -CtwnberS h*H__ 119 149
U 1864.-2.7 CWwl.tAJ - 37BUI - 409
Ooak(WtPl_ - 283 _ 335
64 . — - ■Cooper (F) - 41 -5 99
19 1814 2S3 Cromt*— - - f 46 — 49
1.-1 724 163.D0wt*»fM_ - 27 _ 99
- - -■fifth (SM) - 1 19 _ 99
11 294 130 Barton-- — - 123 — 139
• - ■OynwedhU _ — 217 -1 292
144 : - - mtahwona Fifth— 94'} - 73 54 lj 805
‘ - 6324 49X1 ■Johnson Matttwy- <32 - 446 317 7974
94 . 618 201 Tee (A) — - MM - in 95 3U
-. - - - Unread - : — 19 _ .109 61 141.
14 12&7 45 Manganese Bze — 93 -a 99 83 t3J
• - - - «maeci_^-~_ 134 — xn 12s 29J
142. - - Hlarrta Aattoy - 99 U1 79 94*
■41048.4 433 Ratfianl Metal - 90 _ 180 70 122
14 430-47.9 Btcftards&p- - 72 _ 91 70 BJ3
■SavDe Gontoa — SB __ 40 29 318
44 884 423 — 34 - 37 tS 149
LO 1S8D 163 Sycamore-^ - 13-1 19 13 Hi
- - Thysaen DM - 1680 — 1889 1378 9804
34 1866 203 iThUay (Hra) - 94 _ 94 S3 441
-943-10 aTitpuUoyd - 149 ITS 140 784
- - - UtdtateMrtea - 13 _ 16 13 6JB
7A 717 122
hi " - MISCELLANEOUS
65 1532 309 ■ Kotes Price Ugh"3 low Capan
•BritfatiQaE _ :l 2 Kh
■Brit Potrotem _ Z14
vu ■BrfaftisE, _ 1h
£1 « ■Barmah CastraL. 671
3,5 w a>}pG-S1« _ £82
106 -SS"6*® — ®
irf _ ■Cafcr - 179
1T1 _ HCaspen _ J
46 ii-o SSSTt£s^ — *“
7S an ■aydo PBitoi - -
nt *“ Command Petim _
_ ■Karroy PoOm —
12 iB.4 issi^r88-
44 _ vrutcaraam -
19 146 -
22 126 -
8.1 86 ^ngTpl°g-- —
E0 gj -JEmopu Energy —
1992 MU
t*ah low Coplm
9 199
S 195
467 734.7
28 149
15 829
105 90
■*w
B.
18
_ i>2
-6 811
-z n
_ _ 2f
„ 198
41 277*2 237'} njog
44 394 195 11477
2*2 1 *2 117
-5 667 4« 1842
_ _ C935* 00*2
_ 76 24 7.79
_ 219 164 m*
_ 10 6*; 138
+>s £4IV £34% 11135
-3 89 <3 1386
_ M 7% 184
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PACKAGING, PAPER A PRINTING - Coot STORES - Cont
PsE Nous
- -Jews Poriar _
- - KleartoUS _
- - hvmraenaPU _
- LMsonMar A _
51 46 ■Unr&Bonar _
66 75 94IY _ t
79 93 Mactartane _
105 365 Ifaotilm Rap _ 1
- ■Mtoogca _
W8M0 S?*!L ~
- - PrmTecb tmt c£ _
19 06 Repute PU _
- - SCABSKr _
S3 - MStl
Price
149
1*1
991
417
Z77
39
199
194
199
SI
383
68
918
103
695
115
197
129
15.7
15
145
142
418
12
125
19
Ut
1
461
84
158
51
62
M
W78
97
—
IS
22J
105
38
I1B
385
12
4
BO
954
73
75
350
657
16
—
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Ski
S4
104
41
145
110
195
24
751
—
111
27
4.72
£5
135
13
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—
90
458
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133
448L9
72
245
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P/T ■SudcRte
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4- or 1992
Ifid
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_ IK
123
144
39
_ 7
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058
—
_ 1814
985
T345
11
*< 499
399
0.4
45
44 314
218
2113
4.4
_ 42
37
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1.7
— IK
171
975
23
-2 211
169
1007
26
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IX
014
55
_ 5)
28
185
95
>2 434
335
non
51
— 79%
57
214
17
— 884
475
1475
<6
-33 1139
908
0717
14
-4 381
2M
2895
14
— 13%
1%
255
—
-1 41
35
1.79
65
_ *391
264
3545
45
+2 870
435
1994
06
_ £195 £132%
1845
88
_ 53
48
058
28
-1 289
238
594
af
-% £31% 1
31%
3325
45
_ 14
8
248
—
_ 92
40
251
-
_ IK
MB
165
44
_ »
96
05
9.1
S 95
44
HI
148
_ 212
163
1417
SB
_ 4
|
157
—
_ U
6
952
22
— . 79
54
128
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WE
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_ 6%pCuP! _
_ We|ecl Shop - -
■ftrnenye _ l
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Sft
127 Upwn&Srin _
111 vWtd ol Leethu__
_ {-Wynafe _
Prse - null
235 _ as
19*} — a
n -1 s
a — si
m — mb
79 _ 113
438 +5 *494
1374 _ ISO
149 193
249 -3 2S6
44 - '<9*2
1 — 7
56 — 70
192 _ 295
to* Cap Em
202 323
7
10
54
121
76 >1
382
sflta
387
126
214
1.189
1,151
MINES -Cant
YU
firs WE
j? iqn JAWS
_ Diamond and Platinum
Pita
_ _ Anglo Am Inv. _
74 • DeBeeroLhdUh-
42 159 40 pc Pf _
90 209 imptfa pu.
87 561,7
135 294
190 ISLfl
27 224
C
40
150
189
447
417
AttoeycieH-
IN VESTMENT COMPANIES
worts
Barn) ChiysaBsS-a
Warranu _
Bin no Pima S Z
touch Rd PI I _
■China a Eastern. Z
■Etna Asset* R _
Fdrtty jap OTC _
wairanic _
Vfntl Pacific i
Five Arrows
CT Chile Fd!
Warrants-
6 ci i«»s Em Mktt S_
Genesis Malay S-_
Joven Am End S_
HunpTbn IrrvS _ _
indu Fund _
Mmesa Eq Fd -
Warrants _
fmhvlsusv.
Inv Tat Guernsey _
JF Asia Select -
WamwCs -
■if Hedge Jap Y_
Warrants _ _
Jr hidonelia,
JF Japan OTC Inc —
W*ianls_
JF Paofc Writ -
v.-Btantt— - _
PUPegdl — _
jFPMpfnneS
Wart arts— —
Jatoart-r Fend t
Japan Warrant _
Warrants _ —
.Vrsey Phoenix _ r
warrants _
ALatrn Am Extra —
Malacca Fd 5
Mauysu Sdect S—
Malay Emnj Co's S_
WarrjnU -
McucoFitod
Pjiainlw - -
Portugal Fd PI.
RotacottV
SubFL.
Hulincn M.V
Sub FI - -
Schroder Jap Wrrt_
W an an Is. -
S«am Fd Pd PlB.
Spore 5E5DAQS —
Stn Amocan Fd _
Warrants -
5E Aaau Wrrts -
Spjrwh Sn* CO'S—
Wanants
Thai &no Fd _
World Truu Fund—
Warrar1s_
.34 7211 184 _ _
4J» ITU 135 ■Atertoyli _
- - — Abspram
93 244 37J AUraase.
■A - - fArubertey _
- 1572 44 #AppM tTgrapti—
. -EAatxn Conans—
Ass Brit Cashs — _ T
■ABwoods— -a
■BATH
56
1*1
253
353
19
93
1D5
55
^ Os or ^UpeLnra/Ol E1«^ -ACIll^eiOS^
TELEPHONE NETWORKS
1932
BBT_
Notts Pace
hah
todSL Ort P/E *>"**<*«■>—
J] ,a£ Lydentura - *
23 _ NorlhamPbl _ _
31 168 *taienBurg _ ,r
15 0
- B47 Central African
31 195 FaiconZS -
Warn* CUTS _
wuougnoy
PM _ - _
Nfwtpjmy-paiffi
- 7peCvLn*08 _ £138,' \
- HK Telecom S _
- Nth Telecom S _
344 Serai near - 1
I09 ■ A WV -
_ ■Sec5ny$ifvs — t
141 nodahme - a
- TEXTILES
348 -»5% 388%
305 21351
57 10
20% -*4 Z87
Z12
Sri 73
5.5 104
E£4d -18 E3Z
505
6554
3.4 151
£138 A +1L £188% £130%
4344
51
£29% _ *03%
£27%
997
17 -
2% — 3%
sa -r 74
427
1481
49 •
£20 -4-% £27%
rlB'r
4538
05 -
819 B2B
648
335
0.4 490
571 +15 652
4WJ
4372
05 345
•28 +10 522
38/
4874
14 395
326 -5 398
300
1278
24 17 7
PfE
■Alexandra Work—
Air«l TexOe _
Ariuns-
12 172 Nrvfh Sea Assets—
30 17.7 Occidental PattaS— ml*
7 3 SOO ■Oeeooics _ 11%
55 112 yOMoRcsd _ - 29
16 687 KCttverRsa _ 2
49 4 Peri Pacific Pettn_ 4%
Sl5 115 PetroeruBFr.
- - PWPeftn
11 10 Psiencrlrdf.
14 - ■Premier Cons _ /
- - PreWfloA
- 154 wtaraca
2.1 - Manger Cl
104 112 “ '
6J 154 Roys) Dntdi
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fSceptre.
Schtanbergerl— .
nSeaEeJd Hoa _
■Shed Trans
M
60 ?«•».
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150
212
2Xl
19
4J1
—
—
19
214
—
—
45
941
72
—
400
1745
60
143
28
Zri9
—
293
30
254
40
-
124
1925
44
0
21
9.19
—
56
31
242
£8
—
164
4995
45
*
£74
974
102
-
■Bard (Wmj _
BeclananA- -
9 7 300 Bril Uoias _
114 - iCxcweS tors _
49 - Cam nn lim _ a
- - Castle mi ma _
<6 118 Ceteslon - -
Wjpd _ G
■Damon bid _
■Oewnbst-
Foster ML .
Fmwi itj_
llj {Cabled —
„ Og baskfiU
24 268 emus*
a] hS^J'p
■HoOas^
13 71 1 ^Honeysuckle - -
10 72 3 Hsenl
114 281 ii
137 - Jacques V*
t - Jems
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1U 7.4
128 - - 25 Son nee Engary _
415 19 108 m-Teredo Perim —
58J 13 114 Texaco Spc Cv-. _
149 19 * ToMBFFr.
SS ir ice VTndent PeOm -
Ul 41 1S5 Trtton Empe_— is
KToetoK
z wutd. Energy —
1 _ Do. Wwmts _
_ _ VWoriaPean -
04 2S2 VWoodaidoAt -
- 31 s For WX Sinise « Sam Erwgy Son
B5- *
109 94
11 149 OTHER FINANCIAL
Z Z ■ +or 1892 Mkt
_ _ Notes Pda - high to* Cv£m
- 213 Aberdeen Trust _
13 193 Alex Corps -
44 93 Milken Hume _ t
4J 104 -J9WD Secs _
14 732 HyM<; _
“ ♦ 7poCmrBdPf -
“ M BancCUFFr -
I5 1! sar —
“ !SSS=
7_0 ga KahdonHlov. -
74 335 5"££0»IE -
- - Gandfia _
- ■Cjmste _
59 'UBpcCvPt _
- CatorABen -
<5 ■Cento's -
__ £9 YConsAlex S — —
J8 JJS DohwSees -
94 114 rer
127 11* B9n Fund Man -
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16
2
51
6
469
111
195
1695
185
112
13
66
13
128
128
158
471
154
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155
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129
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49
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7.77
215
217
11.1
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485
115
229
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154 4879
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73 125
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128
71
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225
1
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23
63
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975
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M«l Kern — -
£11 1-9 HNortn West - q
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1.1 387 ■Sevwn Trsrrl _ q
13 198 ■Soutnem - q394%id +7%
- - South Staffs - 1223
41 1U5 ■Southwest _ q (11
125 306 ■’Thames - <S8
_ _ HWeish - q 482
1 H _ ■Wessex - q 485*1
, _ ■YwWdie _ _-_q 4S9H
107 ,0- SOUTH AFRICANS
5* - 4-nr
64 151 Notes
98 - Anew Am Ind -
- - Bartow Rand. - 1
135 - and Fas Prop — s
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28 192 OF. Bazaars -
18 284 *S«»l -
52 IF? - —
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247
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163
310
57
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62
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- 05 GUIDE TO LONDON SHARE SERVICE
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Bj FT^caoms mrtl Inofew.
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57 excUSitoeuwtiorriiwlterloscesatomeflrvBd ACIirtw^pUcatte Y<*ls
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11
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115 105 Angto-Easi _ Z
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42 _ CtondaWiC _
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961 317% 914
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101 67 1445
495 395 7155
33 21 143
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40 # Ltanon _
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75 47.9
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12
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248
169
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26
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31
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34
148
433
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30
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68
121
99
796
60
16
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1632-33
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1.129
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181
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111
611
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ffi.1
HJ
London Share Prices
Real time share prices are available by
calling FT Cttyllna.
FT Cityline can also provide you with a
confidential personal pordolio facility to give
you a real lime evaluation of your own
personal investments.
For a free FT Cityline Share and Unit Trust
Directory or to obtain your confidential
Portfolio PIN call ihe FT Cityline Help desk-
on (071) 925 2128.
Calls charged at 36p per minute cheap rata
and 48p per minute al all other times.
145
20
)
V
financial times
WEDNESDAY JULY 8 1992
FT MANAGED FUNDS SERVICE
AUTHORISED
UNIT TRUSTS
Brawn Shipley &
ImLLicnrrr* 6
IrttGrpallig ... &
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6 240? 240? -on 0 31 torTroUM . b J4 28 *1.28 J«8b -flufijl Ht^lUM .. Vt 7
k uu u;i tC 31 -H Jfl 141 J»M) .6 161 6 Hit .8 -)W|C OD Japan . — . 0L L
6 Mil MU 7Je0-LtHIJ30 Mngtflm Enonr . 62905 2*04 31 24W llll *2 PaLk&mlh 5k,l4
6 32 g™ t* Dimensional Tst Hawnrt Ltd (09001F 822Sl2S?l‘*St?!
S 2-PS gfS-2S£3 3 m * lSSBnwwif LrtM£(2M3JB 071-110.0177 ob
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Girtnisr* Fund Managers -Cofltd.
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6 55 06 55 06 58 58
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tatty income 5(*0 71 bl 70 65 «6p) 3M3 >
liKOreBulldrrloc 5i, 4583 4* 6** 44 66 -077
intern Builder dec 5i,)54 46 55 47* 59 0IMJJ7
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50 031-228 4477
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9j European Gwlli
97 Global Oner. Act
51 Oh Income
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0743 514514
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2 #21 ISIS08 WifiiiiieiiSr'SilM'ra M-flJ
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>4 137 7 1-130(2. J5 Jaaaneu Pwvloll
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16 Tohemotne Yard LndM 6C2R 7 AN 07
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5 6519 65 30 6946
5 1871 1871 1*8*
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GloseiBCio . 5 53 91 53 91 56 79(k>j177
Ghdul Growlh ■ .. 5 79 31 79 51 85 23
J3E*T Growth . 5 116 3 116 3 12*3 ..... _
Japan SuArtle 5 101 3 101 3 107 8 -1 1( 0 0 El?*?,
Pcrtfalle .2 97 34 97 34 10LJ ml 136
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UK5r-jrbTCoi _ 5 66*1 h9DJ 73 81 41Ji :e mtSi
Seim uwukpn »r 3 3129 ?i 75 5505-flalai
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75 68 75 68 80511-019
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3 5863 58 63 60*6, _ _
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33(5663 5* *5a 60 69
5837 M 70*62*5
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6wSlaS S"*11*.- 6 247 2 247 2 MJrOJ
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5 2338 2328
5 37 6* 37 64 _ , _ ,. _
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Ueneged hatt . . 5L 6*J7 6*J7 68 87 -070 1J8
Raw- Chteraorc . SL 64 41 *4 42 68 72 -0*8 i 49
SL 44 01 44D1 <7.17 LO JhU 77
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SL 6739 *7 2* ra.46 -036 B98
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3 4511 *638 A7 73MU 1.5 Eutoam,
3 56 31 57 02 50 7E) -0 Q 2 1
J 33 J3 336* 3A7l)Uhg 06 fMflteWle
biremeuwel . SL SES 10 JP3 'ft 2so 30
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laaro 4Grrorol 5L Sl 20 2SLJG 26*50
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ftogtegittaa.. 5L 4703 *703 30 sai-uni;
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5L|6I4* 6L4*a6S5*|-03lb(Q
5LI46 4Z 40 42 *ae9H!«J654
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4 MM 60% W H Consistent Unit Tst Mngt Co Ltd (UDO)F
6 65 07 65 07 6*5* M 14 2 12
.6 30 32 J0 33el3S4J 4!0:U69
6 4098 40*8 4J BjJrOOZM 6*
0o5ramith ”6 »■« 35 73 S'ifloMBx Cusi PBtsimi Fdi UT Mgn Ltd UOOOIF
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1 White Hart Yd. I
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ion Fdi UT Mgn Ltd UOOOIF sta,r« iu»„.
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1 15 01*625 662M675 7I k82 TSKfi-;,
15 0IUL12 15112D1541 ll H 02 UKBenmplrt F
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56(83.13 Uik f?12K
6 23*3 2368 2552-0 life JS Canty Acc Jim
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3" 15 KJelnwort Batson Unit Trust (1400V
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no 4r.rTHUUiAJG
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6 5* 0* 5* 06 63 20
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2 27*5 27*5 2851 . N61 Aroerhen .....SL|M80 8580* 91 63(41h|0 01
6 1252 1257 U44M30H52 Egraan Sl(*6J« 66 J4 70 $2(4: l<0 91
6133*5 337 0 36121-
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Hetunl Renras - 6. . .
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Okertees Egnltj
UKRecoan _ _ _ _ _ ... _ _ _ _
UK Special StU ... 6 8577 88 14*9377 -86J& 66 Korth Aottkoi
Worldwide . 616101 61.73 65fri(-0JSU 65 (Aceem Unite)
Uoyds Bk Unit Tst Mgn Ltd aOOOiF
PO Bax 63. Chatham, fatt ME* 4YB
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80 26480 2U.B0
00 565 80 60200
*1 13 41 13 43 JO
42.90 42.98 45J5
99 TO 199 70 212 JO
76 70 47670 30720 _
110 MogdP’MboAcc. 6 63.93 64.42 60.90
.67 Mora Mathet UT. 0 49.64 A9 6* 4969
50 tAcctaUehS). . . 0 69.18 6*18 69 18
230 8 233 8 250 0
461-9 467 8 3003
540* 540* 3871|-046„. _ _
5072 5072 6200(4750 |o 5* Cmi&gTu
194b 1940 207.4(3 —
2064 205.4 210*
64.50 64 50 6098
66.90 66.90 7L53
116.7 1107
_ - .1407 146.7 _
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U MaUteKIncoae — 618805 88 85*95.03
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B8 Araerfcei locora _ 5L 60 71 6101 651
00 IAOCM Uftftsl ...5L 6225 6337 6721
59 fenwfcwiDeata-SL 8289 S2.89 8865
5* ton & GIU _ SL 96.95 1015*1000
.00 (Aram UnBJ) . 5L 105.4 110 J 1173
00 Ewcpeuwemf. 5L 53*1 53.41 Sb.44
L® CAran Unfed ,._5L 5426 5426 57.85
05 Em G(h Accum.. 5L 47J4 <7 *5 50.74
27 Extra Income ...5L 117* 117 **125 5
23 UfeXtaUoftl) _ 5L 126* 126* 135.0
.2? Far Ent . . SL 2D7J 2073 01.0
LOb lArain Unltd ...SL 210 7 210 7 Z34.7
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l* (Aram Unttd _ 5L 92JJ *30* *967
w Menrakwel . SL 123.* 1204 Utb
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130 3 130J 138.6
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84 7* 85 *9* 4 ] 8b
1122 113.1 120 8
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4242 4242
83 30 83 JO -
1010 1010 1081
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6007 6196 65.92
2081 2886 3070
5147 52. U S5.46
744* 74.19 7949
5588 56.42 60.02
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SL 50.50 5166* 5505
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5L 8025 80 25*8536
5L S3 15 83.13 80 64
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SL 164.4 164.4 174 9K9
- - - SL SL2S 5137 54.98 H>3
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lecomt . . SL 240 7 243 3 259.5
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F Je&anSmlbtot -5L 2600 2702*
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(Accwn unlit) _ 5L 38 7B 309* 4138
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(AccmntfnfB) _ ;5L 5739 58 01 6187
SmWtrCo'f - SL 1433 1483*138 1
J? lAmntUhltd _ SL 1637 1WJ 1003
76 Tokyo _ SL 6L23 6170 6589
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-71 UK Enunrite _ SL 1510 1931*1633
7} (Accnd Un>U) ...SL 1723 174 9 1863
£ UKEmftj. _ -5L 1631 1640*1753
64 [Aram Delta) _ 5L 298 6 301 0 3210
10 USS«Urto»6 _5L 6806 69 77 74 42
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33 World Fd _ 5L 9026 5630 60_Zt> .
M (Accwn Unfed SL 502b 50 30 6240(456
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01 Meniged -
01 Mower Martel
35 North America e ._
35 HMbolEiHatfn
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J? O we,Srodlreo'»r.3 69.77 TOW 7929
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00 Pacific v . 5 1203 122.4 190.
9W (Aeon IMtd*._ 5 1203. 130J
.67 47 6835 7271
Europeho Growth ,„6 6036 60.42 6428
GJhi Filed hit - 6 62*1 6291 66 80
00 04 bill 6501
M fettenaUenal
no G« . .
federal Gwth
~ SB!E
u Japan Grmirth
4* Money Marta .
_20 29920 318 J0U58E.49 KriTtoirSi
London &. Manchester Tst Mgmt U000)H
. ‘ SSr73
.63-046
43 HUB
2951 2956 3145
S222 528* 56.27
66 48 66.48 71 00
57 01 57.54 6131. ...
6100 &L80 65.74
2437 2* 57 '2533
5267 5267 5003
37.05 37.05 3*41
34.77 9437*3099
4295 44.42* 47.25
2050 21.20 2235
23.04 23.04* Z4 31 _
_ 2049 28.92 30771-003
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2 Bartleg Vw, Nook. (Uafe RSZ79XA K
UK Mew V _ 5(1130 114
Tw Ukccwnr Unfed . _S 808X
M US StnflrQx f _ .3 22 48 22.
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5L 9261 «29 9* 20 Xl8 7 TO ™ B«600. EAtata EH131EW 0800838868
5L 2459 MM 650 tlcthfehlotJtr he W, 27 6b 28 17 29 07 -0J(Z44
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(tecuraUnlU)
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49 254 5 2091 -3.9 L22
33 290.6 30731-45(1^2
7413 74*0 7920 -0.7
7574 7630 BOSOl-O.9
35 99 60 1053
'76 1178 1243
507 3 517.4 5472
5427 553 6 5855
9425 5030 508 9
W« 19707 19*65, _
56 2106 231.21-17
89 313.9 3320
trt 052 7 6KL2
91 27.10*29.00
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2523 -a.7f.74 Graft
284 a(-3.0
_ _ 3366
3*63 41*4
47 63 47 70 5000
51.71 5190 55.20
Morgan SrenfeJI Invert Fds Ud UOOOJH
20 FVnhvy CtanLawha EC2M HIT
„ DeJWrt. 071-826 *26 EnaoMis: 07.
« ■ American Gwth _ 5L 1663 1666*1778
*3 EtroewM Glh Inc ._ 5L 2026 2IH0* 2173 .
EnropewnGUAcc _ 5L 203 7 205.7*218.4 01
IttUGwth - SL 125 1225 1300
UK Co* tj Inc . SL 114.4 114.4 1232
UKEgnftyAcc . 3L 133.0 135.0 M95
U Kind Tracker Inc .5 U9 8 U90 1203
UK lad Trader Aa. 5 1310 13LB 141.4
DSEolatf7rac*wte.5 135.6 135.6 1452
UStoUdTracferfet ..5 14L7 14L7 151.7
JaoM Tracker.... S 4204 4204 4434
ffeSh Trader . SL 94 S3 9403 1020
Manapadtac - 5L *323 932301003
MwagedACC - SL 9635 9635*103.6
r»a.ifk- nhnnww inn cs inn sa
Cadi lie: - - 0(10055 10035 10035
Cash ACC- - 0pl7 05 117 05 117.03
unM
log mb,
. _ _ _ _ _ 1487
L 1 1013 2016 2O9.4(*L3)ta.O0 M*IS
s 1 104 * 1049 ii4^;I-o2oIo.od ueraZra
I? ^11
1908 2102
738.1 2729
.0 401.9
, , 717 7
4322 4350*4500
a*5 1115 1180
5* 81 5* 90 62.90
06 1392 1462
30 94 3L2D 33 00
35.69 36 00 3010
1901 14.10* 2020
6067 6070 7270
SI 16 51.20 54.40
8738 87 40 9300
67 5* 67.70 7210'
8**1 90 JO *5.90
2903 29 90 3160
3200 3210 3O.*0
a. Smaller tos. 5 8788 8010 9320!
(Accwn
Seowd
(Accent Un
Smaller tos
(teamr units)
Iraw
(Aram Unlu)
Mem Unit Mura
MGU House. Hem
Peeling. 027726101
High fecomt
(Accwn Unlbl
UK Growth .
(Accwn Units,
InEquUyGtilf ... 5
5(88.4* 88 70 *3.90
' 43 IB 43.60 46 10
.09 133 4 1410
12 710 0 7270
2b 35 27.00*2830
40*4 42*0 4430
4738 47.704 50 40
114 02 114 J 120.6
4001 48 80 5220
87.74 B920 9540
30 66 30 70 32301-03
75 1ILB 1183 1 -1.0
Ltd QWKUF
Fw Geoffrey Uorfey me touxeaclef Unfed
Murray. Johnstone liT Mgmt aoOOMf
rGZZPX 03
69.42 6*42 7132
7134 7X34* 7206
.40 life 40 129.10
877.78*80.12
5301 ,55.02
. 40 10*40 10730
49.06 4906 5116
4111 4131 4209 MfJrtllfD
4L98 4198 42.49H43k.10
117251 7251 7304H75Q34
NFU Mutual Unit Mngn Ud CL4«UF
Adrahc 5 Rarfefeb Raul. Hatue, BmlhiioiLEnei
Ehdalrf*02772z730p Dalta 0277261010
ArtaEfluhy . _ 61*068 njU^Vr^SUttobM
fell Bowl . ...5
Special Sib Gwth S
Bene Aracrfeai Gwth 5
European Growth f 6
NM Unit Trurt Mngn 0200JF
T1« BUM Cotta, North Harbour, Portsmouth
Ugulri* 07053/2222 DeallumO;
Aitwriout* - iL|3119 3119 3336
(tecum (MU) *.. 56(3007 3307 36.12
ArarafleD*. ... 56^580 14600 21000
lAccwn Units) * SL 22140 22140 237 30
5L 5232 5222*55.
„ 3L 5508 55.68 5*. ,
ErauHn . SL 14220 14220 15160
(Aeons Units) . SL 15170 15L70 16100
San-tt SfS era
75 1118 11831-1.01508 (Acawi Units) . ._ SL 12200 12200 129.00
Gokd V _. .. .._ ,5L 2638 2638 2036
(Aram Unfed 9 _SL 28.41 2041 3054
Income . . .SL 43 23 432M4611
(Aram Units) _ .91 12630 12650 134 *0
total ... - SL 2213 2213 23.74
(Accum Units) ... SL Jl 65 31.63 33.95
„ J® Smaller tot ..5L U4 JO 21430*22050
20 SteglUjfeftjM-.SL *7 38 9738 104.40
CWhdllMwyAcc
1308 gM_WjjW"Wh*
UM CMfhtmcAea*
OHtButafAec,
arfton hi Ik.
TeraptoEgnlQAsc
130 Teurofe Epalty h* ...
.96 Hanky Growth _ 5
96 NdJ Growth Ace
00. talGrawthhm.
.00 iPSPmmiAce
.61 IPS PertrolfeAcc..^b
161 IPS totfoDa fee.
m 5 Jm Ha* tec Act
M StJjnaHnfecfeC-3
7.40 hwalwIL fawn, fee _>
40 hraMfemk
00 fekrawkwTOcG*
02 TtchuhafAroyti.
.02 fern mUmuI Suat
1233 1233 1310
117.4 117.4 12571
6108 6108 65.21
95 6095 6507
30 6530 70.40
61 82 6102 66.44
90.01 90 01 96.93
7531 7551*8132
99.42 99.42 106.6
21 *431 1010
09 83.89 9046
j4S 6445* *> 49
07 8707 *307
.40 79.40 85 01
32 3732 4005
32 37.12 39.71
6305 67.43
5336 3631
bl 9104*09*0
.43 9143 9B71
.48 64.48 6500
50.65 5108
41*2- 450b
4185- 44.97
33.98
33.90*3657
38J0 4121
38 DM 40 *6
4705 50.75
46.60 4904
4505 44.63
4565 49,
46.61
4601
5706
1384 - - -
161 n -nuile
88 17 -d77p02
8017-077062
32 , (Acant UaKl) 4 _..Slz279 2301 24.7* -OUHOl
10 Fer Schultar UT we Stadart Chetartd
Scrttisf) Amicable Uf Tst Mgrs Ud (D73UH
150St VtacemSL.GlMowGZSflQ 041204 -
_ Coadulncora. _ 6 3250 33
_*3 EaftyTstsQIHU - .6 43.75 44
1.93 Emttj Strategy..— bl 49. 97 49.
s sssSS ' ‘ '
ScattM Equi
2aStA*tawSa.l
fneffecmt^M
Iwf trwl
47.48
1322
66.15
43.47
103.08
_ _ 4516
6255 6304*67 78
6177 6209 66.62
K>U0 Fd Mgtf Ud aOOOW
IL 000 50"3
J6l«06 42.1
.07 UKGraalteC
JBT
u Eeroccth
^ Japan ..
0* *£S*&
.1 [40 J. 2022
3152 3150 1330
4005 40 68 43 40
47.43 4009 312*
40.44 4094 43.49
36.05 56 05 5930
402* 4229 45 JO
9*71 5*81 63.71
2309 23*1*2307
2503 23.78*2708,
012703 27.63 27.63WI BUO 47
H Ethieeftoc
oi Ethical Accnra
^ Cntt
. fLifitideaci Troth
w BuorjarnktlW^SL 3046 3506*3772
2 Far East P«rf_ -5L|C0? 43,^*46.01
fee ILrfAcc- 5L 33.06 33 J7 33.60
fee Peri hK. 0L 2601 2606 28.
...BtorCdpAn;_5L 2BJ79 28 J4 30.
UK BIN (Ml Inc .SL 26 00 26-04 27
UKCtadal Aoe,-_5L 2588 20.96 27.
. (MCGtohande.._.5L 24.98 25.05 26.79, _ _
Wwfee Trot Peri _JL 4003 4013 42 90 1-0 16 S 02
Scrtthti Ufe LwestBiewti (12M)F
19 St Andrew SnEdtatorob 031-2252211
UKEonur WeJson). 5 286.0 2870 3070 -03&8J
tataraKUnnaaiia 1604 Jb8 4 178 8 -ISU-U
ftoflcOdmUdu] J 209.0 2110 226.0 -40(082
EwneerolD* VhttJln. 5 3baa 365JL. 390 b -OJ L47
WwtMdedhntW. 5lblB7 62.47 66.81 MUU2J0
m : Scottish llatuai Inv Mogn Ltd a000>H
76 lOtSlVlntettSl, Gle^w G25HII _ _WVM8>1M)
54.45 5639
5190 53.63
3904 4106
3604 3004
86:40 *400
7707 84.81
4807 5241
3045*4150
immm
00 UK EqoU* Inc . .. 5L
. 12 Do Aram - 3L 2530
112 BKSOhtol&lhC_5L 1409 153 7*163
03 j Do tecum.. - 5L 169 8 179.4*186
03 UX Growth fee .._5L 4908 4900 5027
05 Do team 5402 54 99 58 82
5fl Sehxl0ppt*rtac_5L 4704 4030 5166
00 DoAraih SL 50.49 5150 55.09
4.60 Mead bconr Inc... SL 46*8 467* 5001
123 Do team . 5L 5205 5209 j£iw
s UK5peeSitslK..5L 4016 «J3 5227
.00 Do Accra.. .1..5L 5223 5028 S6.M
bCDotePtalhC— 5L 5281 5326 5607
_ Do Aram - SL 6297 6351 6707
09 Emu fee ...3L 247.4 -go.6 2660
09 Datecnn— . SL 2602 271 7 28*0
04 Far Eastern Inc... 5L 8805 90.08 9504
S (AranUntU)
jc SmaDwto't
an (Accum Units)
1 no Soeciel Sir*..
(team Ueftsl
Tokyo ....
►5867 (team Units)
(4J» OKEallv. .. . ...
OIF HranlMd. . SL
IAM7 05SitaAwtolV__3L
5L 10130 10130 108 6|
BL 2022 2002*2171
SL 23 16 23-lh 24.90
5L 2663 2663 28 63
5L 3004 JO 04 3230
SL *9.80 4900 53.12
SV 5031 5001 53166
SL 13500 U5.004144.00
ffe WB.2C 2«20 TfA 70
^■60 77 60 77 64.*H
SL 97.07 98 90 1053
3L 3807 3973 .41-74
_ |L J5.94 40K 4511
06 RhAn*kulnc__5L 159* 1602 1700
pe.Acom . SL 171.9 1727 1830
M10ra*thlnc....3L 1340 136JHI145.0
„ Pd Accra - ....SL 144.7 M60*155 9H.4J
04 MTOfeyMtabC — SL 56.79 5709 60.95 MJ3 _
04 OdAram SL 6i9f 63.46 67 521-49711.92
Scottish Provident In Mgt Ltd Q0M1F
• - -"tefeDUZYA OX
, b[i).79 2104 22S2
GlbwO fee ...b| 1804 1803 1904
2008 20 b2 2107
77
, “ Octal "rate fee . 6 19 03 1904
L86 . Mart* Leaders tec _ 6 21 07 2138
MvMLNderl fee. 6l 1026 1043 1973HU3
Scottish Widows' Fund Mngmt (06591H
HAP Unit Trust Hum
35 FntwteU Sl. Manchester V
„ NAP UK Growth _5 1* 57.95 5059 5204
W N&PUXIranc. S’i 00.22 8103*8121
:So
43 hiP Se3fer Co't .. 5 ij
UPtoHTOIUa*_3l|l69 62 69.7* Us*
14070 14710*13610
.88 07 5905 63.70
169 62 69.74 74.94
MW Investiuent Managers Ud (0659JF
46 Cows SC HefldtogWd.E LotWcn 0620820867 (Aram Units)
UWJefelferaun. 000920 10901*107701. .._RjO DK Emits- .. „
Mai don Unit Trait Mesngen Ud a«0JF sl
C/d BaUUeGHTunll RotleM a EH38EY 031222.4242
Metan General .011162 U67 11* »T.
Manulife Minagemart Ltd 020 0)F
StGenrort Way. Suenw Deed
Growth Units... . 5L LP>9 1308
CfKAFedfel. ..._5 161* 1619 1710
Ihtl Growth. SL 126.8 1260 ZJ6.1
berth Amenon V...5L 96.1* 96.19 3(130
Far Eett . . ,.5L 127.6 127 M 1370
UKSnuMerGM. 5L 1037 103 7*1140
European _ SL 5230 523045577
JacenewGrcrath.SL 25-00 25 00 26.70
NtoeagM P*fallo . SL 46 37 4bJ7*4*74
HWilhtum .. SL 1366 136.7 1473 _
Maries & Snencer Unit Trait Ltd O20fl)F
MBw410,CheterX,CH9*9QG ffl
MASSwrrtofto . 5Ll I Oh 6 10*0*1160
Dateccra. .._ 55 1193 U90* 128.1
UKSrtP-fdlld ..fi 90 23 29.95*97 27
Da Aram. ...S< 1*4 22 9**6*106 9 . . ..... _ _ _
MarBwraugb Fund Managers Ud Q630)F
CTVRurlaSmn;, BrtUd.SU 1LA 0!
MenemdTK .._5lU65S165 54*5
Marini Currie Unit Tmsts Ud (MD5JH wiKSgtcOn4c(_0Ll5607 u'w u'oa
SlUtrt Crt. 20 Cenht Trtrara Edlnbwgh 031479*646 NPiVtPwtata TO« 7J7J TO0O
FerEeakPetiTidU) ..5LJ9158 *JL58H*721 -U9J0 89 NP!WwKleDla.5i| 67 6b 7CU« 75K
■ SS SS Si? rfs
0LI»S MS?-”-” JSJo'™ Fir National S ProrlnOed UT Mnfrtim NAP l/T hfogml
^ ^ ^^enYewte
L 1 42 *6 43« 4612 IDS32 ..
9008 *L« 9734 -CUlSffi £££53^ ^
Nwm cental . ...6G2614 u*u ur%[-4cs[j09
2247 22.47
0171 10171 10171
6034 610)0 65.23
66 9b 6b *6*7 L 61
■-44 56104 600 60
_ 95 13645014647
7J.U ,73 62 7B 73
_ _ _ ,11303 11303 lJt at
07 K*toaha5ato«H_6 4785 4783 5117
-- --- 1*00 98.09 90.09 104.90
37 HOblKSfi'SS
” - - ltaratorldc*H .4 46.1* 46 14 *8.03
« WMienai Prorldwt Inv Mgrs Ud U4IHJJH Botart ync HI? eiT.t km «:«*»;“
76 48 GracnAwth 51. K?P_3HH _ 071-623.4200 s*°r«D*aorti»R_« ■D/S6 93.4* 99.95
eg uiNdfethcr ' — — — _
SPItanoUhag - - - - „^,uoo
UPfEanptaAtr- SLlbOJI 6807 73 39
, NPI Ewneea Ua 3$ 66 0* 6604 7117
M^nctec
OK Hkjftlac^
[13 Nth Anwr ted
.49 XthAmerlncI
iga65Bn • W
407 7' 412 7 4402
2*7.0 300 7 320.7
1840 107 b 2001
140.9 193.6 1512
77n n 223 .7
213.0 2159
144.9 144.* 1540
1301 1301 1470
170.0 170.0 IBIS
1440 144.1 153.7
. _ -i - .1350 1350 144.
9utec__b 9Z48 9502 101.
5)0 fee.... 6 8508 88 00 934S
East Alto - 61*8.99 1000 107.0
Sower Eadem Find Mngt Ud CL2001F
i BE
5 RtfiJBctUed
62 NP1GfPbalDiit ._5la 5204 53 14 5603
.62 N PI fTieas Acc — Sfe 8302 8332 9930
■— ft PI OwBt DtK ... 5>I 642b Mb.b 6910
HPtUKAce - Sty 4888 4922 3264
..SL 4888 4920 326 4
, 55 2610 3650 2814
I -M S3 7S 54.18 57.95
... _ .f* *raw».L Me UlH T« Mb AEGON U*t T«
.12 Hdlanc* Unit Mgn. Ltd OOOOIH i«wjd0Gnm....S|ip64 106.7
Ertleace Haute, TwdwWaeWeJS, K«n 0892510033 Jrota P*^e< » . . JLK28 h 132.9
»0 B^(taT?._T6|S6J M10 243 0]^ 0(449 SS?1"0? - -5JSMB 5607
"i2 fcltaraOncJ. - 611460 1463 155.7 f-iaG 09 UKG«raJ l__ _. .01 100.0 1004
w r.--6>ztaa aa8 232.7l-20E.o9 Shewanfa Unit Trast Mngmt Ud 0200)F
« y®*-*"!!1 "SP* tu"1* Tra*U Ud C0905W ,J3_te«g, BednrtgpjOM MB4WA__
9? Vdw Hotty Front Start. Bemnc
^rasstmm issi^ss
fecaaetfirawu
Cupawi*..
HBiAmwfeanie)
bucrowmib-u
UK Growth
Mm
fc^dld Fund Mmgemart flCOOF
5tSwflhUtLeac.LM — -
DC America One! _ b
10.4 530 4 351.4
«27 4507 4015
2813 2815 299.4
3S.4 136.4 1451
HJflbywfd - - -
Owl tin . SL 9008 9i.ro 9704
Japan _ 3L 29 TO 2*.70 3152
Emwgwg feerkns4-0 53.16 5640
Newton ID 84 - bi*7.75 99
For Methcwn v» Cannon UT
For Mayflower Mngmt in Shngandi UT Mnom
Mercury Fond Managers Ltd dOOOiH
33 King WIHtom St, EC4R 9AS 07:
taeri rag. .. .
wsratliimii . ..
Amman tan
(AramUrtrtil . .
Uittu bin Chin
Harwich Union Trt Managers O20IUH
POte 124. S1I59 aw LmTJfeSro
UanerTroH .. -M85.&3 85 83 -
UKEotmyr - 680610 10768 114.35
3(lZ35~ 123 SO 13f JH5KV SSIlffitfST'.
Wi ssag|-«M»«»8
(Accum Utrti) . . . 5 5050 5030 5307
BrlUMBlHChle. .5 6138 6130 65 41
(Accta Unlu). _. .5 7021 7001 74 82
Graft * - - 0 1016 101b 1010
ktecuni UnM' ,.0 1AU 1230 123 1
Eunmsn Growth.. 5 1S»5 19*5 169 0
(Accent Unfa) . 3 1693 1*90 13*4
Ewntwn tncorae , 5 61 13 61.13064 89
■tetonUtili) — ..5 7606 TDJmOLOJ
Growl . ...» 3815 382.7 4080
ftecwupim - ,S 709 0 HI 3 7588
Gloe* Bed ... 3 1050 1055 110.7
(teMU*lti)_ . 3 15.4 112 4 118.1
1 75 1K4L l
00 90.78
IS W87B 130
I £B5*k--- (g&astesitn kr-
ra IthAnatan.-. *01237 tl3Ja iSSI-ftceS-w GHt._.
■« ntAnrSutfetoi -6
03 JeawrtM
62 P*cUk_ . _
AZ S0DUIE1S«UI. . 6
.97 tofmol tonal Band ..6
KfelS
OH
■8U027 11308 IMt
6|*5ba 97.7tw.jw M
■■01 52.87*9625
MM 44 12223*1X101
665.17 1242»13tU|
6^05 UH.64 10919]
?7 GOtfeCBnewUMe! 61*9 01 *920*14553
* ,6803 7001*7501
L01M ULU 101.60
. Crfi-V,
Snaffer Go's ..3L
ii
lipt»
I ^U*?N.Mg*tt.ttaw«F
PE20UE.Prt*fl7»
Guide to pricing of Authorised Unit Trusts
Compiled with the assistance of Lautro §§
ISIP
s»7^aa£iS!
INITIAL wmzam no. aural
taMaenaWiNtaute
Om Oragi q Kttad la nil pda of uau.
OFFER PRICE Ana ao* ra. gta Ti.
pta * <*hcn inU ran ba^M by ferojaw
BID PRICE: AbouMranmupitt. 71*
ra a wfn BBS m tad lack hy mem.
OWgUTBIl PfliCE Ttoratom^
SttaS3 rah eSTirtSrota** ** *
cmnUta ira HMNtta at M ran mgM Df
mm* b lap acflGann jmci hj nx thn^wr U .
HISTORIC PHrciNB d.im, HGwJta 1
■m amgra M bobih^ dad oa h ora
Mosnsrasriiari wbaaoit Hh pans ami
taftity atwhNahBliwpfefaannMdMr
JWMOfe Mflrt dning fewfe bsana * ■
^■vmoj Mritafei imrattOo, pi a nSchBi
ttwota pnertfl law lfe*iM|ne«MM*a
pkp in imit, aid iay bm fe fewM
HS-fiRifiS
RtMi 4nit™ Unit Ttt Mgn Ud Q2 MR* '-“"feCra-to
»%'mSHC| SSI
FORWARD PRICK& rtwhawFdwKto
m dm omipit ik* ai o* gra ip m m « 8*
btwndfii
iauLi>tpiK«a
onw OUL TM pra* rarataghi tan
« GM H* K* fftw by SB ran
SCHEME PARTICULARS AND
Wfc»ittaSl*tty
iMhcHnwsm-OmntfOO
SSFJSL'JI? ■ uhramrorauraTm*
(too ran t^|. i7Gi bEwhtgK. Dm notoa im*nii¥ (i-irannm.
OBrataPrtdPfratnBdtaniHRta, cmitm
rtfce a nn peoed gf wm net hfent Mkm
pncei ham TutUlta.
IBS Raw Otari Start. UafeiWCMlOH
Trt 171 -371-1444.
-.--..v. A-. c-
"W*
■JriuJi ^0^51
Ont '
EM ..
-Price
'J55+-M
as
bn
Stewart Iran Unit Tst ilga LU.02MHI
Mcr +u
Pria -
VMM
G"»
lAttoro Ualn) T . 3;
MU _ — S|
UbcwbIMu)
-=a
UmfliUMtU
aUBOUM«r.V^JI
Modi EoUti - l.M
Mngd Equity Ah - b
MngdCngt ■ ■ 0
(ACCtnH Unit!)
297 J Z97.S AL44|
808J B23J 073)
ftJSM UBM 1464.2
3S6 6 334* »U
_ 364.9 35Tb
_ 3 1 90 AS 9018 95*7
Itll - .?! .
9090 90.96 9644
ih-pkuk .
705.1 205 .H 2191
1363 158.9 W7.0
1713 174 7g 1319
mi 134 4 1422
9SJO 933U9S3D!
122 0 1220 -
122 0,
MilrahySUg .... 1 1 9939 99J9ttm5B «0j|?42
MirdftoSUfl *«.. 111133 11233 U5.4514MbK.42
Local Airtftorftte Kutuar Imest. Tst'
.gPwSi
e*353i .
* AotUtcredyto LocdAtelnfliie
Allied Dunbar Assurance Me
{M-rCU.S^SWia
^ SSL***** . .35
*10»87
J4L2U.87
F-UK.19
-3.7E19
kuEtt
-03 £46
-L6
-1.6
4.9165
3'4 250 Morgan Grenfell Imstmeot Fends Ltd
I-WR94 CantFnk . ' 2.J0
Century Life
fWdwF-*
M i G SMorttforLtaf .
m~-\ m. i m
tUMtFJmlX:
-05 294
VS
Uri7 - S6J4
137.4
JBL6
WSfcJ +-3J0
38
40.40
m
to
9606
112.1
Storebrand Inti In* Mnsre LH Q2061F _ _ , _
SKSSaa.""* “SSSiSa™. &Bfl!as:iiaS
MBBDMlJlf 1-0(47-71 47.71 ^Ull.iTlI* „ ■
Hyffift- IbwhbiIm^I
Son Alliance Unit Tst Mngmt Ltd 02M)f. tirriSair r -. ... .Tobpm ioumI
St MlHr'i Court. HorrijunJ ■_ _ __ 0W32X8U - JCT392J «7,Ol
Morny Johnstone VT Mngmt
'SStf
1
«
a
£*»«» . 6
Non* America ....*'
Far East . . bi
WXdcBHKl ..6]
8aS5i".r:S
PonhriiB-.. _ b|
UhLUdiRfCU .
5993 L065 649 0
74.97 74 97. 8038
02.86 82 86 88.62
46 93 44 93 49 93
6672 6672 7U6
6586 65 8M 70 44
56 BZ 5687 99.70
42 70 « 38 46.131
Iputf Equity _ *143.97 4HJ8 47.n6lriU2lZJK
Son Lift of Canada Uritt Mgn Ltd OMON!
BaUngriew.
AiMOuitimB
Mjitagnd Aim
jTs&sfP
30 U 305O«32*3L0Zp86
213 £8 Him
UKGiowUi ..
Worldwide Growth ..*
Sun Life Trust Mngmt Ltd OKMJH
101. Caran St-landon EMU SAD
JUrala 4 Em- ah-6064044
Maxur Ponloho . 56 -
AnwbmulW S6
Can Prowler Axe 6*
Cu F-rnirara lac . .66
Eran Growth Acc .56
FraEnriGwUiAcc 56
Japan Growth Aer. 36
UK Growth Anx.. 56
Ukkunta.. 5V
UK Income Inc -36
XqKmiME. 56
MritthlgirKhltoc .56
Hu UMfUtHUiUz. 56
HugdWc&Clhte.SI,
■Ugata&Gota- 56
Uaqdtr*raeGn*tii . 56
UK Smaller Ca ..56
tetGcCrarakPtxdttta 56
D«»I6
EUtMUEjatt. ■ 191 7h
raMUlL-. JjAkSS
JamsEunwt _ J ‘
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147 7
15S5
-1 2
=17
27*0
•01
224 7
23b t
220 e
2*3 0
4)1
299 4
J1S 7
-J !
!!6 7
122 *
-Od
124 J
LM <■
-2 1
214 6
225 9
-0 7
bS 1
bflb
-1 1
- Seemiy Fund . IJ75 2
13947
1355 7
1348 9
1344 B
1 499b
1383 0
IblS 5
JSJ 0
410 0
M31
7311
4586
2601
34! 3
4»S
1308 1
11532
1527 0
11944
1365 7
1338 5
1234 2
[223 4
1171 6
1 14; 6
1 139.1
597 1
417 7
776 5)
2634
364 9
526.7
OBJ
M95
374 7
434 8
257 3
7696
4«5J
275 3 1
35931
4»9I
326 ll
159 Cl
557 7
205 81
387 0
358 3 1
353 7
236 Si
181 6 1
VMS b!
14721
Ufetlme Assurance Co Ltd
1214.7
4215
109 2 11* 9j -0 2
140 5
EuralHc Assurance Company Ltd
EwOlHf Rse. 1651 JoheSL EC1M 4AV 071-454 0105
17390 183 10
163 40
147 00
220 10
424 JO
237.90
let Man Pemiop Fd.
ki ManOtKj Bd Fd .
PV UloCrncy BO Fatal
FledbicPrap BA FL .
FInl6ie Hooey BO Fd.
loti Diumraomr. .
BoiMlog SodHy . .
Family Assurance Society
19 New HA Brighux BN1 1WS
02 00
Prices 00 Jotf 1 UMI dwiMgs cm Wptncasay,
Cash Fd
Mlied FA . -
FlrtS Ira Ft. ..
UK Equity Fd. .
Properly Fd .. „ . —
Dwsas Fd . _
lAda Linked Fd .. ..
Slock Ex. Fd - .
North Am FA . _
FprEJOlFd. .
Special Sits Fd- .
Sw Fd . . . .
265 9
3191
2562
4433
20L8
1939
1614
364 1
1399
182.4
287.8
280.8
2799
3359
2MT
4665
213 9
2042
170 0
278 I
1894
1923
303 0
295 6
Tamil* A MmjyeA
Family A Bunged Ser Z
Family B Managed
FaM* 0 UanyM Srr 2
FanthCBm
Family C But Srr 2
Family DFliHIM.
Family 0 red hxS<r2 .
Family Carnal Mired
IAHA Bril 2nd Ser BFd
FaraVy Growth Sate 1 .
Faoki* Growth Sa 06 2_
FeiKConceoirauOGIfi
family Ptytenmcr Fa
family Sam* First Fd
FrmxyPcnhm.
PemiOBS Managed
Pmhm5afel|F*it...
584 53 59646
,6101 62.26
141154 419 94
68 55 69 95
355 71 36297
65.98 6753
298 42 3D451
60 67 61 91
,321 97 32854
49 71 50 72
17354 176 78
5857 59 76
15841 16164
83 78 88 19
115 01 12L06
99 85 105 10
7122 H 22
63 89 67 25
5JJ9 56.09
54 78 57.66
60 J7 63 45
198.46 198 46,
10L99 10L<»
13270 13270
12432 12432
IZ7 49 127.49
68 48 68.48
367 26 267-26
- Clerical Medical Investments Group
- Harrow Plale, Bristol BS20JH 0272
PmM
16L3
161.1
172.2
154 1
,1598
96 B
1240
1422
1246
1*8.4
172.9
2009
786
,2650
Bib
1698
169.6
181 J
1412
1683
1019
1306
149.7
1314
177 3
1820
276 9
859
1 Acrnni Units) ..
Far Eastern Opts ...
lAccnoi Unit]) ...
EeidC Nat IhaBHS.
'Aram Units) .
japan Ta - - .
lAtoxn lArftsa .. -
Lrtiie Dragous . 5
Ucconl Untts) - . 5|
OrtrniAl lacsne
(Acaon UnluJ .
Tlgtr . .
IMqiwi Units)
UF SturDilg
lAcnm Units)
Aamu Lift Assurance Lid
The ClMty, FjfSun. Surrey TW2 9AT
Fbrad Imwrest-... _ .'-(16751 17652
Index Linked SUA_....|
UK EanlMUK Ea Inh. J
5ml CdsnJK Eq Gwth.-
nu America
FarEuUra.
WhSEnxeBL— .
16068 16933
21734 2265*
164.74 173.40
■■98 157.87
94 1*8.89
gLisa
320.05 336 JX9
21428 22555
&i^JS
3465! 154^:1
167.69
187.06 195.92
0791 475333
-o.aa
1032
*0.36
*0.06
-0.07
-037.
-0.*0
*0.02
moo
*033
*052
*0.08
-067
-7,43
-006
*0.05
Managrd hwenFA
Fpctiror Fuad.. _ _
Extra lecoaie Fd__
WerterideGriMth F)L_
EMioced F.d _ _
SmlrCoTA RcwFtL.. , _
Nth AmvAGen Fd _ 27L'
Peeritt Baste W . . 1266.1
Garrnan Growth Fd- .3
JapMGiswthFd _
UWGrbwthFd _
Gant) EarCmhFd......
Nth AntrS C £ Hay..
Propmty Frf. -
Ftnof lotercst Fd
Can Fd _ _ _ _
Ule
373.74 59342
57257 602.711
51420 54L27
345 J1 56LZ8
513.23 540.25
54028 568 72
■■47 285.76
[66 280 701
182 .bi
11456
18L46
8986
17532
3*0.67
27862
27LB8
-L83
*058
*053
+136
*8.79
*16.87
*0 76
*035;
*0j7
*004
-032
•004
UKEa/UKEqtac-.
PBSmoBhEqGMk-L,
Ptti Nik American - _J
Pn Far tewnu— ..
Pee Euqnu... -
Kwor^fcwih_T,
AEGON Lift Assurance Co (UK) lid
AEGON Hil Lanark Sq.lMdOw EM 9X5 071-5388800
Lin Sates 1
AgmtaPlffloFtBL-: 107J 113 8
- 308.7 326.7
128J 135 8
116.7
88.2
7Z3
Managed ho Pd. - .1374.63 394J5| -Ur3j
leeemeW...-— - - 1373.95 604.16 1- *0 59l
- MhhhgedFd - - 160248 602.48 1 -280|
- AMrunMEG _ 1305-70 921.791 -141 1
edPeoFA - [161.06 1
Wlih-Prof Its rues). ...
WHh-Proflts (Slagle)-
Mixed - -
Intel LMmd. ....
SeroUISJuxilanv’."
teumalonh) .
Gilt A Fixed )M-- .
incfqSv! .V
Exrooean. . . .
North Amwfcan .
^fiuAsia-.;:.-
Evtrgrowi— ..... . .
CaleuUI Mutual fireup
24 Udgue Hill. Ldridon EC4P4B0
CM L limit Asunucss)
Key . 184 46
PUiraMer . . 253 15
Cadi. _ _ ..... 187.95 197-84
Laxity _ _ _ 385 02 405 28
Fixed ireerto _ _ _ 28165 303.B4
Managrd. _ . 28452 299 49
Properly _ _ J20154 21235
CMLIPmluAmiKleOHtikiittw Pins
Cash C»... - . - 19915 209 64
Cash Mr . . 267 79 281.90
Equity Cap . 100239 113927
Equity he . - 14553* 1531 95
Fixed It* Cap . .... 32.07 339.03
Fixed Int In _ 433.08 45558
Index Link Cap_ . ..180 OS 18953
hxSei Link b» . . 24230 254.85
MaaagedUp . 443.07 466 40
595.79 62736.
*03
*0 1
-10
*03
-05
-13
-0 1
-05
-05
-29
-L7
-47
-2.1
071-2489861
Managed to*._
ualbPndtns F
•0 16
-330
38,
-347
Bdlldina SowUa
Abbey Aiteal BISoc.
CbntNrr B/5oe . .
Kent Reliance B/Sk. J
Catholic BiSoc
Alliance 87S« Ser II ..
St MOm Hroty Uai^r
Friends Provident
Castle Street. Sililbaty. Wires SP1 3SH
Ule Frank
Managed IMiiea).
UK Equity. . .
Steraamship . .
Draneas Ehelty .
North American .
Pacific Basin .
European . ....
Property . . .
Fixed bturesL .
Indri Linked. . .
Cash. . .
Deposit .
With Front . . .
With Profit Ser 2. .
Pmlen Frods lAmn
Managed (M bud)..
UK Equity. .
Steward!) tip -
OrtriMS Equity. . .
North American
Pacific Basic . .
Property. '!
Fixed merest... _
hide* Linked .
Casa .
Orootre. ... . .
With Profit ......
UK ProrUantFaate
0722 413366
225 8
237 7
-1 1
3072
259.7
2734
-23
986
1038
-13
94 4
-1.7
1910
201 1
1816
1912
142 7
101
100 2
Unrtri
1055
2653
2792
-1*
3452
-13
418.7
4408
-2-4
22L8
105 9
1115
-I*
-18
1351
142.3
-03
1983
2088
*01
248 0
261 1
+01
159 7
178.7
1882
■ill
British Fond
fDIfriUtMUl F ana
Dolurfono
Capital Ford
locoroeForo
Proarrt; Senr>A
ProoertySfrievS. .
Fhvioxlal Fucd
NanagroScneiA
Ma negro Serin C
UxsiMSrrwS
high Yi«d Fund
Uram Series A
Money UnrtS .
Equity F dill
Flsed Util Fora
Indexed Sec Fd
European Fund
Natural Rum Fd
Far Eaa Fund
Smaller Cc*
Spec ShsFiato
Mango Cmry Find
Japan Trek .
Global Bono Fond
US Smaller Go's.
Pmlai Food Puces
Property Ate
Property Scr A
Property 5e*B
UaoagMAcc
ManegedCas .
Managed Ser A
Managed Ser B .
Managed Ser C
Guaranteed nee
Guar a at red Ser A .
Guiracterd Ser 0
Equity Acc.
EqaKySerA
EqxrtySe* B-.
Flud IhtAcc. .
Find lire Ser A
Flud Int Ser B .
Snorted into
Indexed Sea Ser A
Intend Sec See B
leu Sra A
lal.SnrB
Dollar Ser A
Dollar Ser B ..
Euro nun Ser A
European 5er B
Tar Eat l Ser A .
Far Ear Set B
Mao Carr Ser A . .
Man (urr Ser 8
Buidoq 5oc Set A.
BoiiArg SM Srr 0
Smaller Co's Ser A
Smaller Co t Srr 8
Homcownm Friendly Society
PO Boa 94 SoniiglleM Am Harrogate
HFSMaojgedFd! . [139 6 147 1
HFS Managed Fo 3_
HfSfu£ie*ciU(g:f(3 _
KF5 Grocr Chip. . .
HFS Tai Ex Green Cup
Master ford Exempt .
l>*« DXpiLLucxx
HIM Rwfrt EumpL
MasurTiad . .
Green Chin C2i
Uh Managed .
Retirement.
Far Easterr Eatmct
Cl Brnnh Cot EximmL . ... .
Martettbitni UanqedSAtlDwi Ptu
HFS Managed Fd 1 139.8 1471
HnteEvuUfKtF:! i 145 9 153 6
105
•07
-25
-04
-3 1
-Ob
-05
-13
-1 7
-0 1
*01
-0.9
*0 l
-< a
-2 9
Hb 7
-131
-031
451
-2 ol
Bank Hie StJrtn'iftd
Managed Srcpr '! 1
AtqnagM Cxonnn
rjanagrd Dpwnunit,
Pro pent
F..M Mnnl
Cam
UK Eqaity
unlEouid
Pmloe Fate
Managed Seoeitr
uanatMCtamn
MjugM OapOrtnr q ■
Pro Drily .
Flu* intfe-.i
Cash
llh Eflmft
inn Eguirr
London Indemnity &. Gflt. lm. Co Lid
18-20 The Forbore Bidding 5BJ511
Money Mam, jm 1 !Mt 1 7b -i [
Mf4 Flex Ittr Juib Ilk* a jaj 1,
.Harrow MAI ?EE 081-861
109 9 115 7
116 8 123 0
117! 123 3
•Ol'
lOdfl 1146
-6 7
11 7 123 9
118 7 174 5
1075 113 2
120 2 17b b
133 3 140 J
120 1 12b 5
1216 i:s:
115 3 1214
•651
1594b
625 9
12910
30b i
1892
199 3
1011 0
!0b4J
5851
blS F
-1 D
252 7
266 C
119 7
12b C
-OJ
192 4
202 61 -03
493 5
519 5
214 6
1245
131 1
817 S
-1 9
269 1
-06
1101
-02
5489
1103
116 2
188.3
111 7
216 0
107 1
H2.fi
-1 0
166 b
110 4
lib 3
303 2
3192
-1 0
17b 4
76 6
807
-L3
70S 9
105.1
110 7
747 8
1351
9! 9
-09
-0 7
London Life
100 Temple Si. Erhurt BS1 TEA
UleFwnds
Equity
Furolnfereti .
Prosttty
Detma
HIM
Inara Stock
international
Emmy iai
FiicPInlerma LAI
-. . IA>
Drtn.ll 'A.'
rhuyd lA-
Index Suxv lA.’
Irxrenaiioeji (A1
P Baton Foote
Equity IP'-
fued Imrrrvt ,P*
Proeerii ipi
DtnmitsiP'
Mum ipi
Index Stock, Pi
InurnaiiutaiiPi
E quill "U
fixed mietEt i-J
Preoerrrui
Depnit<ui
Mixed iu
bidrird Slock I4>
International i-.1
702 0
332 0
354 8
263 8
454 0
173 3
|07 1
lb3 S
147 4
159 8
135 C
144 8
)h 2
1236
5-46 2
42? 6
280 0
3002
341 5
147 7
207 7
121 0 127 3
1349
121 0
1316
120 2
133 4
106 6
147 3
127 5
159b
12b b
140 6
112 3
1461
154 0
152 J
160 3
U53
12L3
1043
1098
934
98 J
9JJ
982
87 b
92 2
948
99 73
950
100 0
985
103 7
■2*0
104 2
95 P
100 0
950
100 0
- London &. Manchester Assurance (2)
- Wlmisde Pi. Eutrt EX5 IDS 039?
* Uh Fundi
" Unii With Proliti Cap
■ Unii With Proili; Acc
~ FlrnoicCao
_ FicxibirAcx
Inmtmen, Trirtt Coo
Invenmem TnnuAec
filnnevitiaker Axx
55 CanirJI Growth Act
- Exnnt PemJun Fundt
- Unii With Profit-, Can
- Unit WIUI ProlillAx
- Flexible Caa.
- Flexible Acc.
- InxKUnm Trust Cu
- Iimtintm Tit Axx.
- M & G Ufe and M & G Pensions
_ Victoria toad. Chrinsfonl CV1 1FB
109 7
121 4
•01
_
292 9
-1 7
_
432 9
-35
_
433 4
-32
-re
bil 9
-48
-
348 7
-7 2
m
! 739 b
-99
-
118 1
132b
*01
-
485 0
-3 1
—
781 0
-4 7
—
853 9
•2 0
—
1374 b
*3 4
“
Ideal Insurance Co Ltd
MoorGretd Lain. Blirn|pgh«n 613 BMC
Managed Fo. . . .131 5 138 1 1
Perokx* Managed. Jl323 139 ol
AmerBoed 6AccJ
Airier Pro Bond *ttl
Auer Smk Cu Bd'Ac-J
AanraLmlan Bd (Act.'
■ 1 CuralGikBondiAX'
Cunamdny Son 'Auj
1 Dran): Bond net'
Equity Bond (Axe)
Equity Band Banm
Euronran BdM 'Axe>
0214494101 Emma Du Bond lAaJ
[ - Ertra Vlg QdiAoci
I - far Eat) era fiend -Act!
Gill Bond 'Axx 1
Gold Bond lAeel
High Yield Band (Acc
InterlifE Assurance Co Ltd - , ,
149-15 1 high Rd. Chadweil Hih RM6 bFJ 081-597 756t-
Managed FiSd. . .T77|i»6 125 9| -0 8| miumi n~« laeu
I Prialon Mngd Fd I122.6 129 ll
Z Lristi Ufe Assurance Co Pie
- Managed..
- Pent Manara
lift 4 tiki
... .113891 135 711
_ 1152-07 160.081
- Hmxgedf
- RjpdlntP
Progerty Pa Fdil i~"..
Cast Pw Fd - -
JJ K Equity Pxr FO -
HU Aiaer Put R) .
European Pen Fd ......
FarEan Prof
18051 19052
160.71 169371
145.78 153.46
124.02 33055
13151 138.44
9355 98.48
Buaoctd Ptflio Fund-1
CauUwPlfflBFBad-
EHuFnd^^^^te
Eunxxwn
Fir CM I
FtMdlmarastFond . [254.7
luternxUoul Fond
Mower Fraut _ -.J.
N. Aroeriou Fnd. _
Pnroerty Ftmd _
J ffitstti
Pacific Basin 6'
Can Sained GwtJi * . 6
Global Bondf ,.4|
Penry Share .. . . 61
56 2SJ6 2697 -*65 06
2758 2758 29.44 -033 03
SHOT 1 0347 LQ779 UH 7 84
1599 18.99 Z02MJ1 15
Swtm Select iam. _
Sbddpires MM Fuad-. .
Swhn Global Fud - 123 0
HanteW.TR Fund..™
KtenBmuMgtteFd.
Perpeum Mngd Fd.....
wJttiProrinFd -
Pumten Surtax 3
199 J
228.4
345 0
9L4
801
104.7
74J
830
1383
122.9
Wessex Asset HanagemBit (16WJ>F
WWttingtfale UnK Tst Ugnit Ud (OSSQJf
7 Honey Law. London
Challenger . 26
Short Did blit —.lie
US GotmuBowI. 16
Gill Income . ...4
Gill Growl)! ....4
Cltylknn . 0
fVOTT 07 -600)
59 7154 73.27 -023f
64 97 64 90 92 *3t
SUM IierW 0.7034 ML ,
4880 48^85028 -ULMH
61.20 U.20 6369 -OOlfi
5351 53.81 53 Bl Will
JF4-. ■
... UoFd_
caoOoutwnoFd _
She Fnd -
Entante! FmL— ......
FarEaa Fund -
FtaudMoWFcMI —
hrtenniggal Fd._
Money Fund - ,
North America Fd - 1
Property Fix*) —
„ UKtohyFi -
® Bpssffl*.?:1
LOB With prof toFd -
94J
93.7
995
94.2
95.7
72A
1075
805
m
985
96.1
1052
1055
1235
8S
274.9
ZU.O
3*15
41?
4105
4205
96. B
85J
1105
isa2
146.2
' 130.0
1005!
992
1Q5.4
99.7
3015
76.7
1139
855
1115,
10921
104.3
1017
3SS
-05
-LO
-0.1
-0.1
-08
-0.7
Hit
u-
-0.4
riV4
-OJJ
-06
-L0
-0.7
Pm™. .
BriftmU Life Assurance
PO 80X37, GracBBCh, ReqfrewSite
-0 73
-0.15
*0.04
*0.04
♦ass,
SIS!
Combined Ufe Assurance Co
IS WBeutfttld Way, Sngsiai mm Thames.
Surrey KT12PA.
\l?A Jg;J
- Managed FmlUa}
- MaMSMtewHiCap).
- MangN Prib Fd Ucd .
b7733
GT Unit Managers Ltd
Blh Floor 8 DcvoaaUn Sq, EC2
GT Plea tfu East Fud .J 212.7
»P)x WrWwdtFud 1304 0
Pen Far Car Ed. (344 4
GT Pro Wortewtae FH..I J70.7
General Accident tr)
2 Rsagler Sotct. Vn* Y01 1HR
UnhEm wSwrroflC
UK EauKi .
Fixed Artemi. _ _ -
Index- Linked _
CaUDmwIt. ... ..
Property. . . ..... .
imemitJoul .. ..
American .
223 9
ss
3905
Z Japan SnnLrrcr'Ca::s_
Wnh Profit PerfamL.
UK Dppprualty..„ _
NteXhtetaSoML6!!!
far Exxlerg Ogg _ _
GwttPrptoriUfcZ
Gwtb ProSer 2 - .
Fixadbrlena.. . [
U25
1065
1475
13L9
«ar
1075
117.7
149.4
146.7
1504
1*25
119.2
112-7
1362
139.6
1415,
978
1135
IS*
1552
159.2
1305
Commercial Union Greup
_ St Ketefs. i Dadenhrij, Loudon EC3
0475888000 VbrAanJutlO _
VariAcaJui*. .
U)e With Profits.. .,
Peas WIU Profits..
Prime Serieu-Ufe
Maaagud... _
Rtserxe Managed. ,
Vesuro Managed.
UKEqutQ ... .
Ini Eautty ... . ...
EJ°P?7»
•oj
Si
hKt
*0.1
*15
For WrlgtK SeUgnua see Oarterad Asset Mamgt
Wsolwlcii Unit Trait Managers lid U700W
OTHER UK UNIT TRUSTS
Balllle Gifford &,Co Ltd ' , _
■at 1 Cam Jaa 30 .1543 6 56251 .„l0.77
James Cape! Fund Manages Ltd
Managed Exempt. . [OD5.3T3 llT blTdl *0107 1 458
Cent. Bd. of Flo. of Oterdi of England#
2 Fort Strati UahWECri'Wq on-S881B15
lev Fand Jan 30. 7M185 521 90] . — [5.61
From SneJua JO ...1145.40 146.101 9.92
DepoiH Fund. Sue Monty Marini Trent Fum*
Chdri ntu /Ota r Wia r«$t (lDOO)F
33 Khw WIllUsi Sind, EM? 9AS.
rmcpfreJ.17 . . |1*71 lb91
C lies Acs Jal T . 932.1 9435
CUure Inc Jot 7.. llM.7 1664
C share Acs Jul7. . ... 1204 3 208 9
CAFINVEST-Oarttlcs Aid Foundation
Ti ™
COIF-Ctarttles Official In* Fdtt
2 FaraSotet LOBdoxi ECTV 5M
menraujuni) . .. T306.t>7 S1L03
Annum Jua 30 _ ..fall lb »)(
Ena m iworo tei 30. . 1 J85S U854
ruedMAinnJteiO. IldSJO 145 5N- .....
DeuMhAnoran. ser Monra Market Trass Fundt .
Charity Fixed Int FdTCfcarlty Equity Fd
23 Guuer Lam EC2V BAS 071-382 6900 Sen EropAfte)
071 -382 3919 tOaillog! •
Cnarity Eautty Inc. . |96 tP 9gjaw -0 4.4l
Charity EmlHr Acc _ 97 84 100 J -0 80 *.41
□rtritj Fired lm Ire 1002 1015x1 DUO ODD
Cham, Freed let Aee. 1 1002 lOUl +010 1 050
Edinburgh Food Mogtl PLC
Managed Jd a . . Il39 4 1453] -33] 3 61
JapuJal2. . 18053 82-87 *0.20 050
SmjjpCwJiU ] 376 7 386 0 <0 7(013
LaioAiurriue Jul 7.. .192.62 97 25l. *0Ul 051
BKgSacGrwrUFU-..
AEtaa Ufe XnsHnmce Ce Ltd'ta)
2-12 Pnanllle M. LoadtiP HI 9X0
.17.19
1678
26.09
1407
1456
23.98
14.47
22.28
1250
5.97
22.98
959
2154
1503
1556
Z Britannia Lift Ltd
_ 190 Whi George Sv Glasgow 62 2PA.
- CgritrPid Acc.. — ,.|46JZ0 49.
- Bolail-fijoc Pen Att_
_ Ataxritaa pea Acc. — !
EerogeuPteAcc -
_ tmerrmlonxl Pen Ace..
- Managed Pen Act -
m.00
26. IQ
25 60
3050
2850
4950
4500
S3,
33.10 1
30 601
041-33? 6462
-0 20
-060
-bio
■ CCL Assurance Ltd
Z 74S6ro6tnh Bud) Green. W12 BSD
— LtflFwudft
_ UK Equity. _
_ AiMTtan Emrity — ....
_ FXrExst'Eaalbr...-..-.
_ Managed Feud Acc.. .
_ .hterateloHd Equity—:
_ GIR Edmd-.— .......
_ Moan Fond -
_ CCLfMdasnu— _
_ CCLPerpetwoI _
- CCL Property -
081-7407070
225.9
116.9
140J
382
1985
260
20L4
1715
Z09J
1455
2015
153.8
UfvFMtUcamitf
runttu
Bur _ _L_
Ote - -
15.94
BtaV.„ . .
13J4
Gin- Edged _ . _
Deposit. -
15.98
14.47
III!
10.73
567
1233
920
FJxnd late, eta—, ta...—
GlhEdgte(B9) . .
1427
12.69
Perpetual Hognplh.
0800010575 Canatia Lift Group
HtghSt, Potters Bit. Hgns. EN65BA
- EciltrGtb Jm 29„ -
" RadtMCM Jal6.
227.8
1235
148
003
209.2
274.2
2125
181
2M.7
1622
212.4
1622
Fixed lotumt. .
Index LkflGUL .
Can .
kimlixenTit _
U/THhpiYWd -
IlfT UK & General.
L/T W*Me5aSUlf« -
UfTStmllwCos.. . .
UfTAaerGlhFd. ...
U/T En GlA Fd .
UfT Far Ease GUFd .
U/T W wide 84 F8 ....
PefahtSaMe Peuilaas
Manx gad .
temr Managnl
Ventanr Mxnaged _
UKErymy .
lit) Equity .
Fixed Interest- .
Index uraCiH .
Secure Growth . .
hnurtraewt Tsl . .
Build lug Society Fd..
2832
124 4
,119 1
3438
1872
1B16
2011
142.6
1869
1726
1330
1311
862
614
1375
1438
1201
123 7
427.1
uao
1256
5691
2466
228 8
2404
134 0
226 0
2085
146 3
2982
3642
1971
191.2
211.7
1305
1%8
181.7
14U
INI
908
64.7
1448
131.4
1265
119 7
4495
1463
1325
3991
2396
240.9
2331
1625
237.9
219 3
1341
071-283 7500
—1.281
*1
**
-07
-06
-08
*02
*0 2
43
-12
-L.4
-02
-06
*02
•03
*0.4
-02
*01
*05
-1 1
*05
CormnJblB
Pm Man Act.
_ Pen UK Equity Act
Pbi Fixed bn Acc. .
_ Penlud-UnhudAcc ..
PenCffil, BepAtc
Pm Prop Acc.
_ Pen Inter Aa. .
_ Pea Anrw- lean Acc
_ PM Japan . tc. _ .
_ PunJagSru Co^Acc.
Pen Enraneu Acc. -
z PensPAdncT. .
PcwCsmerllhleiAcc.
z PW Bldg Sot Ate™
Pen Dad Wlib-Praf A
1305
112.3
2104
>666
1372
160.2
161.4
1334
109.1
1635
1623
120.9
U32
243.6
196 2
1384
2046
1B6 0
153.6
1172
1547
1802
150.1
165 3
121 7
1518
Bii
1360
1583
1183
221.4
1752
1443
1686
IMS
1414
12-17
1723
ITU 8
146.9
1562
1272
1928
2563
20b*
1666
2155
195.7
1615
1233
1628
189b
157.9
174 1
1280
1597
139.1
143.9
Victoria SlSl Albans.
Global Mngd Sc 3 .
GkMal EqroiySer*
Global Fid Int Ser 3
-0.9 [ - Gtaal ProoScrJ .
-10 1 - GUal Cash Ser 3 .
Global Mngd Ser 4 , ,
CJkriuf Loom Ser 4
071-2832575 Global Frofc Ser 4
Global Prop Ser 4.. ..
Global Cam Ser 4_ .
Universal Security- •
Uunerul Balanced
Uniterm! DjWrtny .
Urrrimal UK Equity
Uninrul Euro Eqaity
Unlmal H. Alter
Ualmal Jxnm .
UilwrUI Pacific
Unix bnl Sure 5<t . .
Unre 1ml Fid bit.
Unixen#l Property .
Unritrtal Cash .
Guaranteed Managed.
NienegedPcnSteL
EanrPert.Sarles2.
CUt Edged Pen Ser 2
Property Pen. Ser 2.
Cash Pension Series 2
SicnrUy Ilea Phi Sir J
Bel Man Per Ser 3
Oop Man Pen Ser 3 .
UK Eq.lt, Pen 5er3..
ifld Eon try Pen Ser 3
Fixed Int Pen Ser 3
Properly Pm Ser 3
Deposit Pn Ser 3
Jierti.ALlSTT
414 6 4J64
ET:
0904^28982
-io.i
-03
101
i02
'-o4
-07
S5
101
General Portfolio Ufe Insce Pic
General ftrtfolto House. Hariow. Essex
Ulf- -
Portfolio Fd Ate.
Portfolio In A
UK Equity -
Far Eastern .
European. .
Nartn Anwku.. — ,
GlllPhs
Sterling. . . . .
Propraty. .
Managed .. . _
In. Managed . .
FmtllifUM.
Pergevoi
Fidelity
“ite-Mb
uk Emily _ ...
HarthAntelau...^..
Far Eastern .... _ _
Fbudhoraua -
Gath DeoostL ...
253.32 26687
208.63 21952
26439 278.10
24851 261.91
18557 195 03
K5h Jts
222.08 233.77
164.93 179.62
423.64 423 65
75038 79039
56886 568.87
148 47 14848
* . 46
“ Managed Pen Fond.^ ,
- Prorarty Ptu Fura) - T
- Index- 1 Inked Pen Fd _ U
" Series CPniwMcxan
Weraetteal Pb Fd _ ]
■“ iFd..._.r
iram — 1 254. AS 254,
ObnadmonlMtu
_ |2L29 22.
3923
1693
159.9
IMt0
210.9
ZM-5
" Cm&FxdlnPHFd. [2392
Equity Mn Fd - J294.9
“ (J^h Six CabPentFd... *157.7
~. Scries E PxsatalAcerau UMtsi
terawatianw PwneFdT -
- Mmagud Prao Fd. .
- Property Peas Fd _
“ bxtee-unkud Pa Fd.
“ UH&FLPnFd. ...
~ Eqnlty Pmt Fd
- iiHASeetaAftnFd _
- H*ntend. - (2405
akSVro'woristZzi
” Mteu-Unkcd _ ...
Z ta*F-a.
0707^53122
Consolidated LHC Assurance Co liri
Paradise Bd. BidirmiLSmfy
Equity . Z|99 9
Istarnatianal 1 96 3
Managed . 192.7
- Cornhlll Insoraoca PLC
Foette) A Wnulsl .
Stewart two .
CiedkSntaeOadtaasnr .
MidtHSetact Series V .
Baring .
Global Flxfd lmrrr-x
538 6
538 5
3253
1561
)b32
142.9
175 9
1693
1283
2329
2023
148 9
154 3
145 7
1288
1199
117 0
721
1533
93.4
954
5386
5669
3425
164.4
1TL9
1505
1852
1783
USA
2*5 J
213 1
1568
162.6
1535
1357
126.3
123J
76 0
161.2
964
1003
41291
1788
168. 4 1
2220
2732
2293!
2045
2SL8
3103
166.01
. -127207 286391 irtl -
FHtJHy Innstraent Services LU
M*gdPe*t Pmim .1138 9 14291 *L10l :
RoUrt Flemteg tafft Homt Ud
GIHEdgud _
DupraU. _ : —
North Albericad. -
Exrapcaii- _ _ 1
Sggfcgi"' .
Far Fxn«rw....~.._.Z.
UK Equity -
Sh^SSSw.Z.I.T.'
1992 Sarin
]«tw - - 720 79 72080
Equity PBBfeK. _ . 119267 119266
j-Wly Meuaged., . 1 665 61 665621
SreSgeTI^ — ..1 19. 17 19.17 f
.. * Atxxw pries arrnro day) oM.
AQa&T lift Assurance Co Ud
3 Darias Uni, Potters BirENO IAJ
Lite Pud)
113.6
119 6
-27
13L1
1380
134.9-
142.0
1353
1425
135.4
142.6
1303
137.4
~
1542
162.4
2405
2S3J2
-1.6
1883
190.1
1972
207 J,
*02
156-7
1650
2650
2790
■42
1209
127.4
-L3
200.6
211.2
250 _S
7635
-flj>
Mau Gwtb (ABB) Jut 1 ■
~ Fixed IntiAABJ Jul L
EteRjFdUUIJull-
” Moray FdUliWjMl 1
Proqerti (AiBt Jul L
hJunerijnyU&B! Jnil
~ FerEwfatAB8IJ.il
UTrctaMMBlJriL ,
~ 6aoaMuS»<BJdL -|
Mugd Pm Fd Jm 30
" FadlMPniFd Jua30..
Poly Pros Fd Jut, 30.
CavFd JuaelB . ..
G AS 5oec Fd Jaae 15,.
6875
0483!
224 5
2365
3805
1910
2015
219 0
173 0
2310
1825
2135
“ Crown Financial Management LU
070742311
Art, ErempL _ ...
Gen Exempt . . .
Jan EterarL.
PadfitExmvL .. .
Coni] Euro Exeniet .
indexed tUerapt Jid 1.
Surer tend Era, JW L .
Jagaq htdifl Ejbi JuJ 1
Euro hdidExpi JM I
I7!eji UuftdExot Jo!
£443 09 *7984
02294 U6J7
UH 92 344.43
£109.72 112 22
£9960 1015B
U2623 124 37
£99 52 10052
£42.95 45.82
195 41 97 33
£87.15 8903
Foreign & Colonial Unit ... —
BilaaeedAec Juu30 LlSO-O 156 l[
EabuRdlKjanSO .. 11505 15b 1 1
Fnmb in Court*
Caotuj Jim 18 _
Grou Jon 18 1 17749, 1T8ENI -pi
High ThM Jul 18 . 128962 29D.95I ...-ra
- ftesirtcifd is <Afela ulUSvi Court luotiul
Hmdetson Unit Tract, Manuancnt Ltd
Pensions Hbgd I3U SlSl-O JlT 3
INVESCO HUM Maiagemcnt LM
Ee fait FaM
brtIMMPTallg . 1 1098.0 1184 Ori] I
MngnPetomaj-. ..Ib7j 71 9l I
Lara it) Brothers
Proorety JoJ2
Int Gth Pro Am 22 .
Lazaid bnstnrs LU tt
ExcngitFaad)
Soull Ofi Jul 1. .
Einpuau Jal 1 .
Anwrtcxn Jul 1 . .
Japan Jul 1
P»lfCjl»30. .
W MMIandt Hey 31
Brk BMe CMp Fd Acrid
Eqaity FdAocb) -
Einpeaa Fd Aerial. — .
HiradmFdAcciz)-
FhedinAodil .u -
GtdMaAwFd Atari. J
MahhamFdAtriri. J
txtl UauFdAcCtri „
iSS£5?rFdA«u-
EnraphahMra -
GUriMcW- .
Sfaite Metro. _
UK Metro - - -
Rib tartan Fd Atari-
RtcBAMFiAetU)
Proa Fa Acctz).'. . J 365.7
HUteramn - - |U24
HempteimAcctd. —
PenriunFM>d)
1763 185.5
uqaa izulb
2615 275.2
256.7 27ttl
437.5 460.4
it? s.s
Si SI
1013 1063
1343 1413
,903 952
1063 Uil
113 0 118 9
2132 224.9
170 4 1793
7861
U 82
827.4
Brit Btee Duo Acrid..
EqPeoFdAccU .
Euro Fd ACOd . .
Ira) FUed UU Acc _
FhadH.Aec.iri. . .
GEklones fttAccU) . -
HightotertsL -
HM team Fd Acrid-
tou Has Ftfu) _ J
I £1375 C
Ud
_ )0 2530 0
I £13750 1500 0)
... J 7 JM
I4L944 4JN4
S38 579.7
9.7 327 7
5.) 3981
£139 4 1423,
(13020 14560
EurapM Metro. _
CHei Metro -
SomIm Metro -
UK Metro- . .
NAnPaFdAirU) ..
Pec 8B)n roAoctt). ._|
rawen»iri.-— —
ll? aaer**.
" smb£-.nsi
Lu9hb»Dptbr(5E>...iU36
890
336
L6»
LZ2
2.48
201.9 212.4.
Z3863 25LL9
3361 3533
476*
991 I
6185
ZZfl.b
1362
5936
249.6
S?i
94.2
1152.
1202
2542
•m*
6541
5019
1043 21
65L0|
2322
1433.
626.9
2616
113.8
154.7
993
1213
1412
1223
119 5
rtV9
-47
-03
-83
-03
*01
-13
-32
-2.7
-0.7
-03
40
-34
-03
-9 7.
a
*02
10.1
-12
-0.7,
-a*
-13
It
tl
*0-3
-9 A
•03]
-03
(a) l
Leading Cooperies... .
Euro#*** iitaougra _TJ 2503 - 7t>SB
leumteJiaud... - JMU 253.0
rumran AssorMCt LM (z)
1 Otero* Way. Weuibtty HA90NB
2teMe> Ufa AxsuwquUew
saT**—
CfatMCftMA - 1 2? 70 9920
Property - - - J250.4 2650
iSStdt - llflO 150.2
- 3563
1656
270.9
TWO
424.9
2113
1651
289.7
1229
117.1
142.4
7486
123.4
883 9
6333
109.1
459.9
1793
574.9
m
453.4
7236
351Q
I960
344.4
127 3
128.0
U01
8250
1402
Managed 4..
Oupnlt.. _ _
CIIL_ . .
American..—.... .
tnceronton) Mmy.^.1
index _ _
FarEan. - u,
66*al - -
ChTOPron..
Japan - -
Huriugc Property.
. 1*1 Curacy Bond.....
<*»> ” 2te Scries raaduAcn
Eautty -
Hiriilrow.-.— _ ,
apimteraUL. _ 1
Proonty . . .. — .... J'
MangedZ. - -
Aiwrieu.. ... . .
bnematlavtl Munty—
081-802 B876
Crowd Hie. Wo* lug GU21 UW
UfeFuudS
Americm Acc.
Equity A* . .
Eunauen Act
FUed Inartst Au
High locameacc.
xtti*i Acc.
bn Trun Ace.
JagaraseAxc .
Managed Acc .
May Acc... - .
tegrojAcc .......
885
5923
1723
312.0
5392
3362
540b
1585
435 7
274 2
_ 2326
bldari Pitelaa Fmdtfri
3J
-2.4
-13
^2
-02
-6.1
-12
-0.8
-36
*020
■ -80
-0.4
-0.1
-02
-83
-2.6
-L0
rij'.fc,
-58
*150
-U
■09
-5.B
*030
Americas .
Boiidtog Society
Equity..
. EwGBian .
_ fixed Iraeren. ....
. ItteroflkMtE...
_ traenroew Fruit
_ Junxmie. .
. Managed . . .
_ Money .
Z GraSi&ieMi'Fifatfri,
. American ■■ . -
_ Stety
. European. ..
_ Fhndlnterart-
. (rarrootJanAL. ..
_ iBveument Trott
_ Japanese .
Mixed
- tag
. Prthfaj... ...
. Other Fmdrid
_ Btewlr Eeulty
_ Cnwii Bruin* A
_ MerHum-
_ K Ctnoel -. .
wo
1786
682. E
2434
353 8
1714
270 4
154.6
440 8
329.0
1809
1062
74(1.6
260 4
402 7
183.2
2905
1650
6314
4426
1926
5402
9473
2794
3742
93.1
6234
1813
330*
5676
3536
564 0
1668
458.6
288 6
244 8
1043
187.9
7178
236.7
372 4
180.4
785.1
162 7
4640
346 J
190 4
1100
773.6
3642
417 J
1898
3010
17Q4
654 3,
456.6'
199 5
568 61
10951
394 1
39381
-08
-16
-OB
-03
-73
-3 0
■06
-24
-18
♦01
DU
-0.9
*0.1
-2.0
-Ll
-12
-1J
-04
-2 -2
-lb
103
-1.0
-22
-1.2
-1-3
-64
-2J
-22
101
Pen UK Equity . . . 422J 4446
Pen Far tsrtxm 1915 TUB
rattErasflfai . 140.4 201 1
Pn, Nonh American 1628 1714
Pen Gill Plus. . 229 6 2417
Pm Surf tag . . 227 8 2394
Pm P roomy _ 1723 181 5
Pm Managed . .. 3022 3182
ran tat Managed . 250 9 264 2
PcnFramllnguu. . .. 174 6 1B3.9
Pen Perpetual .. 170 6 179 6
Ptu Fidelity . . . . 165 7 1745
Pen N M femodUid . 143 4 151 1
Pm Foretge A Coleekai 129 0 135 9
Fen Stewart ban 124b 1313
PfaCroteMneBwi 73 * 77.4
PeuMulU-CfriKl 190 4 201 1
Pen B»h» . ... 93 0 9BO
Pro Globa! Fixed lul. 953 IN4
Asslcurazioiti GENERAU SgA
117 FenchaiQi Si. Lmdtti EC3M SOT
HameroGavallUkXih -
HembroEeunllPdty
Handxros Canadian. .
Handiro, Equity lot
Harohres Eorocean
-ts
■OJ
-2 9
-05
-3 8
ti
-1?
It
-id
-OJ
-0.1
-08
-06
-1*
-0.1
*01
-47
-31
-01
-24
-04
*06
-24
-19
-LB
-16
-05
-01
-07
-05
-04
-15
-01
•0.1
467’.
428 0
12434
1942
110 b
ti&i
115 0
137 8
137 9
ffii
144 2
113 9
1731
%8
1409
945
660 1
776 2
603 2
292b
300 3
1529
6879
123-2
770 5
617J
b032
292 6
3003
492 3
450 3
2562
2044
116 4
U3 2
121 0
132 9
167 7
145 1
152 7
114 7
145 2
1600
U61
1518
1199
182.2
101 9
1483
99'.2
6948
817 0
6349
3080
1161
1609
724 1
U5 1
eu 1
8b0 3
634 9
1080
J16 1
0727,48181
-J7|
tl
A
-11
-L4
-01
*0 3
35
-09
-02
Lancashire & Yorkshire Assn Society
Moorgri* Hall. MogmuRd. Routeriuni, 0709^2919]
Cm ha I Stem
Balanced RqrtlolKi
Unit Builder.. .
investor...
Capital Buudrr
242.B8 247 84
170.87 174 36
115 44 117 80
169 69 173 IS
63 68 69 1*
Laurentlan Lift pic
- Bamwood. GloiictsiraGL4 7R2
- LUv Fuads
- Managed Ser 3 Axx
- Property Ser 3 Art
- American Ser 3 Atr
- High Yield Ser 3 Arc.
■ Gin-£dge5er3Acc
- Money Mr 3 Arc .
- MitnaiigteiSerjAcc
- UA Equhy Acc
- Ja *
Iniemtl Bond 'AccJ
Inuyr.l Inc Bond >At£i
Japan BonriAUi .
Japan Smaller Co iAxx,
Me raged Braid lAcn
Property Bond lAix.
Reowery Bond (Arc
Smaller Cn* 1 Bool
PaaUm Fnmtt
umretcjn (Axc>
Bil.FSIiwSotlACC'. .
CagitAi Growth lAcO
Depot, 1 iacci
European. All) .
Earoouu On tArci
Eauny (Arc
Gilt tJet.'
Odd CAeci
Irxlei-LnkdGiiilAcc!
litUtnatlbMliACC
IMIlratAcc
JaaaniAcc)
Pl£i«iC'AM>. .
Property , Acc)
fiecoy»ry(Act>
UK Income (ACU
Penoqat Prosioi (Acc .
MGM Assurance UI
MGM H.yuw Hee«Rd
North American Arc
Peeitd BklinAiC .
Fixed Int net Acc
Properl 1 Arc
Detmli Acc
Managed Acc
lull Equity Ac<
Braun Gain Fd Acc.
European Acc
Pros tan Fnds
Pen UK Emm, Arc
Pent Spec 5,U Arc
Pens Lie Amende Acc.
Pros Plcillx BmluAra.
Pern Flied lm acc
Pens Proper. 1 Act .
Pens Depox.1 Acc
Pecs. Managed Acc
Peir, Jm 1 Equity Acc
Puts European Acc
%viaUi>(U|)iai'x6x
279 2
275 2
14b 5
1392
1004
177 6
330 3
257 0
102 1
479 4
10L9
3618
7420
256 0
175 7
487 0
175 7
179 5
145 7
602 5
292 3
504 6
122 0
S70 7
2245
1(M5
3676
260.4
108 5
74 00
197 6
198 1
2067
1736
689 4
6080
5426
218 7
3607
ZJIO
293.2
289 0
153 9
>46 3
1035
186 b
346 9
270 0
107 3
503.4
1*1 1
3800
77 90
268 9
1B46
511 4
1B4 5
188 5
153 1
632.8
307 U
5299
128 2
5994
SJ9
98
3861
i!
578 0
77 60
207 3
2081
217 2
182 4
6I4b
6385
569 6
2297
378 B
221 7
0245266266
-14
-1 6
*02
-14
-87
•i 3
-1 6
-05
-6 4
-4 7
-07
*02
-25
-63
-20
tl
NEL Erl Iannis Assee Co Ltd- Co old.
1 Soedalisl Funds
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Pacific BAUD EW
US Dollar Etta
JasuetrYmBd
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FwuJbwI . 58 33 B 50
SA Bda mu Currant - 517.75 17931 ...I
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_ GAM BoodSwFr JPrSS *8
_ GAM Bood Yen 713029
_ SAM Stow) DM DH10146
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c/o PndMiJi-BACfiF Sec lUKl In;
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CranMIlelntTn. lU 13 1171
” NeilOfiiiiW4tj Jul77
- Green Way Guarairteed Ltd
- SAV 1 EcalOOO I
Ortns Investment Management Ltd
IngnCidbal tali 512 *6 13.101 I
Dibit Oprinral Eat v 517 92 18 83 I
Ortht limiM EjKjt 1 518 06 19 201 ‘
Pi lUt M July J Nm Pile me July 9 LVlvtly Pricing
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- Orbltex Bahamas Ltd
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- Ctaiittctbmxu iMJStS 50481
: ORIENT Growth Fd
- MAV I 4IU51
I PFC Intemitl Portfolio Fd Mi
_ Sgrciaiiu bn/wtn Fd, 52.74
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_ Sirilmg mcome Fe Cl 41
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Sterling tgWtalta PO Boa 178 UaagUn. hler/
EqolFtaid-WrloM National Eqty Fd (n) Ot) gw-i ParHaST*^ ,
14 rue AJtriogn. L-1118 Lm 01035247VXHM ClntalBgnd. . I S-
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Aunnan 7UC Etalr | Sen- 82.02 6284
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- 1 FFl- 86 14 87 W
DM- 1553 15ifl
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75 Bends . Ear-139622 U3B11 [
3 MUM- . . Em- 111CT 114*6*
32S States .. .1 Eea-98721 UUdOf.. .1
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loss Trafalgar Jal * .. .. S- 3224 338bHlIQ
75 Earn Stair Cm Jal* _ Ecu- 424 4-L *i.nf
30 JWaa5aSrCMJdi._ 5- 524 5 40 *0 02
JU USSnllr Cm Jm b . 5- T 22 7.59
50 « total Bead JiH 6 .. Ecu- J42 5 70 *0®
00 Global E4«la Jal 6 Ear- 461 dOdUflOl
1 *'» Sun Ufe Global Management Ltd (u)
.. . PO Boa 178, Deoglas. bleof Sm 062467;
IHVESCO MIM International Limited,
AUa Powtrfal. .. Till 86 12 -W *0 01
toioca tfn 4 bin™ *t: 57 2b 7*7 -002
Taiwan GrswUL.. .. IS5 32 5 *51 . .1
Imestiuements Atiairtigues SICAV
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JC Globa) Fund-SICAV
NAV _ I 510 7b I I
Latin American Management Cp Ltd ,
Catomblia me Ca SKAv. 1 51047 f *0«S
LUabmmbSKAV.. I 54 85 I .1
Laurvest Inti Fds-Glnbal P'folio FCP,(u)
NAVJnll .1 59 64 I -oral
Lloyds Bank Luxembourg (nl
LtoidUnfBtariaaal Ltaidn*
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310.27 10 38*
F—i 1 :k LI 2a
EnJOJJ ID Ota
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£10 31 10 42a
11 04 11 !b
510 22 1034b
- loimauaui IU$£U 515 90 16 22 *0 03
I - buraiaciuKSbrimgJ . £958 4 78 -0 01
Inmutoul 'ECU. Eco4i2 4 72 -0 01
I . Ndfin American . S1L85 U 10 *02*
1 JAinot ... 5753 7*9 *0 13
Ewmoi 59*5 9 86 -O 22
> - Pacific PUn 512.53 12.79 -0 06
, Bordfer Funds Lti
- KvUF(NAVJbl3. 544 45 | . I
I The Brazilian Inv, Fund
1 NAV ..... I 559 60 I . . I
I , R Bridge Muugunart Ltd
1 Nippon Fa .. . . [S69.M 72.70J
NHurtaAbiFd JY3040 3120 1 I
- SAV I EcalOOO I I -
Group One Limited
I Merrill Lyac* laUA C* id HLE
USSAPSaioaaSe! I 15364 24 -I . I 2 *9
SheancM Lekaun Hatbu Sccdiltla
Utility Value Trun JSlap) 70 -1*10 01 *26
. Utllilf Vlluc Tnnl 3 1 51 288 2* -I *9J0l6 25
- Group One International Tit
- NariB Lynch
SbanoD Latonaa HaHen
- ENkU liens Sami 1568* 73 42*Q7 *008 824
- GUIAUCtlSSatai 11014 ID 107146 *4 04 73*
- FiHGeretaa Baa) tale, 1 5*39 B? 6*134 -O 111 *96
- FlmSnaaBoreSn.n IwrW 18 1001*5 1*4*
I Hamoo Investment Partners Ltd
. Srtfctfd Asian PtoitoT$12.*2 12.631 I
Haussmaon Hldgs NV Curacao
. NAV Jiai 30 15437 82 4jro*l I
Hiil Samuel Investment Services Inti IzJ
- Bank raa Erotl4.Clr AS
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CSFilmManl Sri3917 41*8 -0 4* -
" ITF Fd rTMJmologt> 514 65 15 51 *0 03
“ O-tbuFdiMAmeij 1 551 *4 543* -O 22 1
, - Petrus Fund Selestinn Limited,
I -108I - O.mvlta Ftlnro I 50 94 I
Plenan Heldring &. Pierson
ToayuPac Hlpgt NV £18171
ya Unrabia Cm Hion HV 54*9 61
fl, , Aua FJC GUI Fd NV 52 7 42
7 1 llUU1- AUan5ri*cucn Of 16331
7 DP Am Gin Fd hv 532.55
EiaanGui FdNv EHI48 17
| | - Lynn DIvm.liM Fd 535 89
Ejt*i id am to I Gro uth O' 144 77
EMSOrlumrrfo 104 38
-I . I 2 *9 Portuguese In v estmerrt^F u nd Li^i
-1*10 0l| *2* _ ' _ ,
' »!S»rtlrts“,Stff'-“ E,'J“iA“,an"TF“53Sv
igjn ?*5 Putnam Internal! nil Advisers Ltd
Errtff) HIM SO. 532 7* *0 23
Emry Mia S<l 522 1*
HighlncGNUAlc' 59 47 *0 02
■■nranaiuwl Fund 612 42 -0 13
*0 08 1 824 GtoajiHiGuiFrd £14 55 *00*
*4 04 1 73* GichiiGort ■« Tu 515 0*
J1 £ £ Pyrford Investment Mngmt SA Swit2
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I _ PyrionUmlnyUi l5fr405C 4*00l -1751
Ruantum Group
| . QuitamFgnd . 1517220 17*58 *61 1 -
l_ai y_| EnM*gingGrtiannFd 5U5 7B C4-39 «0v7l
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_ , OuooFimo J 51 02. 47 195>»l -0 12 1 -
-0 321 -
4*1 - Fv Owiiar ton Mngi ire Gurenry 'R<»Ujim1I
•0 221 - Real Estate Strategies Ltd
iPESmirerjuonjI IfS- 1181 74 1 I
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abjfciF*tauSJUI.i
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lullaii Kai EodUf -
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SwnhhHatEailtyB
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OanrdSuuyMtRDl
UICV 99.05
Pta- 95421 963.80
SFr- 1674 1691
£- 8J6 8J4
1001
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Eta Coruna . 1 Ear 1016*3 L...I -
US Dollar Hngd Carr. sl S- 207103 I. . I -
Barclays International Funds
PO BoalSl. SlHellw.JennCI 0534*7888
AucvalUflEqUau .51' 60843 0M8 0 907T-(UI7 OJJ
GlaDaMnuanc Ikacj 51,60 435 0.44(640.471 1 -CJilJ 3.0
Gkaul Reayrot 5GE0J72 0375 0 4021-1*1 02
Curraacy Faad
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UK-0732 77T377 Ur-010 3S2 2S04CM23CKU Airerican . -
Global BM. 5- 181*4 L 93 28 Lt 1435 (3 44
GMul Maun. . V 226S3 242911-4831 -
6 total Aecowrr S- 18235 1 9569
Hava . l-0442l^)«ih
AfMricuGmKk . . 5- 2.1446 23438
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Far Ena Glh ... V- 17LB0 185 10
JauGlh . Y- 1*2 00 174 to „ _
UKCrmU . L- 1 0298 1 1053)4516
Templeton Global Strategy SICAV
2 boalmrd Anil. L-2953 Luyemaourg
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Euteeur . I SFr- 9 04 4111 -
Far Em . 5- 9 60 -001 -
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BoRfCMlncAu 57 83 8 07 - PaSTTlt^
Buureulmllnume 10 34 .. - S!£5| vuaa lu.
935 CA Securities Investment Fund Mnmgt Ltd HsagK«toF«
881 Hung Govt Oen Jkl 6 HUH0207 I . - MiugedTuJulb
3.48 CBf; Internatinna S'pw» S. Matorua
4 40 SftJntaSSj FFrl526*3 87| I - SJJJgSaB
Jg GFILoiglnrejulJ FFr1311130 48 1 I - taanumny Fd.
«oS Can trade ITEC Fuad Management SJi(totaM?d
943 b?rgtoa n*-li . 3* H Inula N» Fd July 2.
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Ic« 20 Fatal Mtsraland 0(1138 76 i -0 «l 0 94 Manila Fd NAV lul l
Capital Intenatlonal , sum fb nav jm i
Ca»uiim. Fund .. 5102.42 ( | . ladauxarorea
Charnel eon Funds Limited ,
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- isutanhuuik 52540 P ! - Jardine Fleming
Kota 1940 Ta MAV Jd* . 5320 . - JflWtatojMW JJi.
- leykuhtaTaantaiLj 57 52 I I -
Connaught Investments Ltd (Hong Korn)
ement Ca Ltd
S15 52
13 75
59 28 9 61
578) 807
10 54
1144 05
0U126 44
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v 12005
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5urtl*g band Jijl £- 0*21*0.4371 .. llO.b
Brawn Shipley Fond Mgmt (CD Ltd
FO Bo. 583 Si Hrita. Jraj P , 0534 67557
Streiiog BdoiMCuiiri. [£938 9 mm ~aoi ha 12 Scimitar Worldwide Money Fimd
SfreitogCap'OaiW .1(39113 39841 *0 01 1 - Sttrit*. _ i. - CxTSti *o
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PO Bji 189. Cquial Ha. BatkSt. SL J MJer-Jm Eggs--;' ' ; sFrS8.o6*B to
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NoriA Amrican 5^61800 1 842 J-WSUjMT - SlirlMg Managed . ... <222591 229475 to.
laoamta . %‘Jhxi, 1JM 1.401 -aw - Galm>43r Wnpldwla, Critalm OU
lacunar . S‘ B1 J06 1320 1.401 AH
Pacific Bailn 5']K2844 Z843 3 071 -4®
Itamal £anw» . »4p*06 2637 2.799 i| ID
Gold 54 BllOO 1137 1207 -MB
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I0JII 055. - - - £367371 tojnx 3.40 45 Bw Dtt SdlLu £
D-*4ark_ . . DM77 6680 *0 017; 867 01035241
Swtoi Franc. - - • SFiSaoSbB toOlB 7to6 . Ftanfaig FlaoiMf Fn
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-- CtaMtanS . C$333230 ■ to(*» 6.44 FTF Ctattatad Ewape —
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ASEAN. ...... 5- 9 200 -IM
I AiutraOj . . AS- 10 J5 -ftO]
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German . DM- 14 71 too:
(abed) Hoag Kang . . S- 2146 toU
Ibwtj _ . . Pu- 1.054 -t
luly - L- 8.130 -S3
i-K Japan Sm Hr Coy . . . V- 1002 -]
3Jn Malania. _ _ 5- 1419
ItonOc - 5 Ci— 50 48 to l!
, Statute! . S- 12.94 toffi
*** Tkailaad _ . . S- - 1195 toll
. thritta Ktagdom . £- 0361 *uw
BbUFmmN
■ « . Emgeao . Ecu- 1030 itooi
launuttaal _ - S- 1061 Uw
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51*1 lag . U 0267 4M
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3.40 45 Bm Dec Scnlai L-2S27 Horald Lnunboorg
867 010 352405040* 071-3828013
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J ?5 Bermuda Ite. 5t Peter Port, Gaermry 0481726268
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jS J-?; Nlh American . 4 (LHM LQ8S4 1 1*09 IMS -
Eumwio - - 5 LL3M 13248 L4222 MM -
1 Far Can . .... .. 5 HU42 1 J342 1 1917 61B9
J... Jana . 5 is !*» 05630 0 6®t «M -
UK BtapCUa 5 Q3HS 13848 1 4811 in -
toici^ UKSpeelaiOpm 5 (UUB 13608 13484 «BB -
IJtJ MMU-anttaBOM . (1U00 11500 1 1760 MiR] -
Tindall Globa) Fund SICAV
Unie Goeibe L-1637 Unembourg 010252484681
iEcS cbtaa Pnrtfolta . . fr UB 1.12 .
SEfe-S Ehtoa Portfolio - %- 102 2.15 ... -
*fiUiu TTterPtetftUta-. 0- 143 liltoMLffl
♦3H.79 Tiger Porriollo . S- 2.76 290 toE 8.48
Earopiun tolfollg . t- 1,09 1.15 .. ..
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Ini rreyiitwal Bata b‘;
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(Steeling 0
USG 0
lipunneYm 0
0 Marta . .. . 0
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735 1735 18401-4®
1CB 2108 2 — (4140*1
541 1391 1 668 IdBB I
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0 VJ941 3941 3941 . . 1
0 M6M 6530 65 BO toul
Olfatoi) 3122 3L22WMF
loll PorU olio 5'jbl 760 1 779 UBaldOl - WataStatataJIW.-
UanagrdCtown JijEaB 2 382 2-S«l«fl»l - tanataCtanFlam
Gartmore Fund Managers Intcraatioual LU —
P06o> 278 45La MoilfSl . Jerwy 053427535 Era _ _ ....
CaplW Stretegr Fata Ltd (j) _ Stallaw
Amentia Fd [ S- 1.822
CantoLuiFd . CS- 08967
- EvdbOus Fatal
- Amtricaa. . . S1290 1370 *003
AjianSflllbMte.. S1640 17.44 ... .
- Earapain - - . 511 77 1350 to 06
- COM— . 53Jfl 331 to 03
- llWN... . . $2339 25.08 toJ»
Pacific Bata. _ _ $1935 20.48 *008
8S-HnltaDMHarita-_ $938 9.88 *032
Uld Ktataao— i .. . £930 10.11 . -0.09
jj WorUnnkT- ,—T. — SI 4. 72 1566 -DOS
.77 Woririarideloatae.. 510*0 1L27 *0.01
64 JJtoldtade Wtatue— £534 5 68 -0.02
WurimtaCamamd . 510.00 10.66 *0.02
- WaUvCwataaMV— $103240
5-3018 »V77 toll
5- MBS 15*2 A03
_ 5- 14 40 15 16 -020
FFF Ewtmata _ $-3438 1514 4)0*
FFF Global Csn - 0 S- 12to7 1335 ....
FFF Iml Band . S- 1212 12.76 to»
FFF IfitJ Emmy . S- 3032 3^13 to(C
FFF Jupuae J--_ .. 5- 17.00 17.90 to(J4
FFFLiuaAnricag*... $- a71 9J7 tolB
FFF Padfk .. . 5- 1481 1354 -027
FFFSerielH . £- 3.99
FFF Sterna Bard . .. £- 132 1-06
FFF UK EnUHlrUa .. E- 289 5.05 tOOl
FFFUSDtamwy — S- 1861 19391-014
•weekly Ocaflng un Wtaaataan
Gartmore Indosnez Finis
99 Allee SebeHer L-2320 Lux 010$
Earib PerifoUa*
Hank America _ ... S - 233
Unhad Kingdom - 1 0- 137
France. - . FFr- 10.11
Wall Such ParUteta .
BrilMi Etaa yiolta .
Brhiik UonP'lalta.
tatentaioaalFWla .
MrrtulkaJ Plolja _
Japan Pmtfolla .
Japan Portlouo ... .
Kiri. Yield P’folio .
topi Yield P’frita-.
0-143 131 to 02 L03
$- 2.76 290 to 02 9.48
1- 1.09 1.13 .. .. -
S- 2.10 221 <001 )J8
S~ 124 131 -OK) -
S Z40 2 S3 to 02 -
£- 133 139 . 3 74
S- 237 229*003 -
£- 122 124 -003 017
V 2-J* 249 _.
£- 0.B4 0 90 -0J13 -
5- 1*3 1 72 -003 -
£-111 137. 8.70
Merrill Lynch Asset Management
Merrill Lawk taRhattaol In.irtuunl
Parttallretoltaal Camncy Bond Serirr
Ataballio Dona Porttgllo
aas&A ..-IT A516 71 ♦
Oan8 .1 A51b 61 I «
Cannula Dallar Parliallo
Clay A r CJ13 21 *
Cla -.B .1 C51314 I »
DcntMtaaark PortfuJin
CUm A 1 DM1151
CiauB . I DM1142 I
Pnaaf Staffing Portfolio
QasiA. .7 £33 52
CUnB . . ,1 (13 51 I -
USMtarPtetfilta
CLB1A. .. .. I SIC 92 *.
CUa&. . I SI7 91 I «
Yre Portfolio
CUM A VI. 154
CfaaB. .. I Vl. 150 I
Hid U-Creranty Bond Portfol to
aauA . . .. T S20 41 •
CUm B .. . I S2Q21 I ri
US Fedtnl Scantley Portfolio
CUaiA ... f 5492
CUuB I 51045 I
Merrill Lynch IWtiaathinal Inteytmenf
Part! altaa-Emafy/CanitrtUdr Sarin
data Eoatb Portfolia,
ClauA.. . . I 582* I -i
CUmB . ..I 57.9* I -I
CamnBMeSecarttia Pprtfolao
ClosA .... r 51250
CUm B . 1 51228 I
Bub Value PntfMia ,
CUM A - I 51175 I -i
CLiaH. ... 1 $1146 I -<
EmaEmdbPeitfalta .
CUM A. . . . . 510 8* -i
CUuB . . .1 510.66 I -<
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CUM A . 1 SlOW I
CUaBj...... ... .1 $1035 1
Wand Nxbnl Ramin Paetfol la„
□at A. . . . .. T 51099
CuaB . 1 S20 73 1 -4
Oraeixi Portfolio
st Services Ltd
54 84 5 10 1 *0 OSS |
5119* 17*25wl to 145
536 705 30(35 -Oil 0 14 FiraAmnr.Oraiuum
HI323 0* 2*26 -0 10* - TovyoP* (SeibriK
S*7 075 *9355«s *0 05 - p,,. ,..i
jm j irrruLiuu aai
EC Fuad Management
1> .1 01I0J2 r-j I -
0014550 ♦
arUnd I Dll 138 7b I -
I _ Arian Growl* Fd
| _ Allan iiuinte Fd
, I5A Jjpuu Rkkii Gu
PatriieGtldFd
"9J2 2S huiuiaian Fd July 2
♦150 0 77 Malacca NAV July 2
-0 401 0 94 Mini UFd NAV Jut I
Siam Fd NAV Jul 2
I - lodoieu ram
53*5 »«*ta -01
1 122 95 24 J65U
514 78 15 5*5 -0 0b5
Regent Fund Management Ltd
UnoaiWtataetila L . I 55 89 t
I Rothsefalld Asset Management (CD
Frra Arrw. Ortiwjuvre |K 050 2 161 1
Tot-roFac (Seibnh I 5137*1 I
Rothschild & Cie Banqne
EUnln4ciFrjnu FFrt3 602*1
Elan USA. . I FFil.274 7*
Hvuon nitei Be jirrCFi I FFr12 412 31 I
For lotaranarkit taa 8AH Irtmmtori Lux leg
The Jaguar Fund N.V.
HAVJuoeSO i 5329 60 I
The Japan Capita) Secured Trust
NAIf Jure £4 . J 58 8028 I
Jardine Fleming Inv Mngt Ltd
Connaught Investments Ltd (Hong K
- CteaugaUMCGrwA. 518 41 19 72
- GnAtataOBtauGlk-. 53 00 316
Codnainbi Fade Wn. 510 27 10 79
- CmtaoBiitAtaaFe- 51232 12.84
- Comuuakl Malanias . 51137 1184
Outaagir.HKSotcufSta. S123J 12.75
- Coasaqn Viobre Ptadio 511 71 12 30
. CaauujMPaedlcEn.. 517 51 18 40
Caaojugl* Taulina Fd 51505 1582
- Credit Lyonnais Inti Asset Mgmt (Ht
- AouiSoecSIU. .. . 519.61 20 61
IndoneiLu Growth 5788 8.29
- Managed CoiTton .. 51090 10 97
- Nipoon Staked . 58.78 9 23
Pacific Gnmtfi 515 74 16 54
AM-PaclfltGtotali 551*7 1 77 -0 0
SfngaporeGrmnn 511 M 110
- Fund Portfolio 9 B7 10 38
- Paaoun Oor.Ui . .. 51180 12.41
PaklnanSpedafSits. 5- 1044
- EBe9i°awuia>-li& . 5*96
- Credit Lyoouais Rouse (Bermuda) Lb
SyunrantaUd 516*35 | -
~ SlrvodOOLMMu'U SU 799 I .
Cregem International Bank
- Cregem Lrenaow . . Ecul09 00 . .,
- Cregon US Oduub . 512029
CragcmEmo Opium .. DM11869
- DWS Deutsche Ges. F. WertpaqleKp
- I mu . Turn* *2 78 Jh
PrweU . lONlW 30 un n
- MWU . 10M6550 6/ IS
- Imo-AnU . IDM34 77 35 82
_ Daelnn Investment Trust Ca Ltd
nMAVi0l4.J 542.93
si NAV Jul 6 .1 S25 27
aifsaaMtas. 5 *.n
.IraoUVJdO .1 58 92
_ jrjwaOrtUVj** 59 49
JFPicWnNAVJtaJA £4 32
JF *uj Srtfa BJtf Jul k . SI lb
- JP pTUIucdu PUV Jtd 6 510*9
- JF ladcmsl] NAV Jolt. 51 21
I Jardine Fleming Unit Trusts Ltd
- AUaPulHc
- JF Aiean TiusUri .
- JF AmlraliJ Tu
- JFDUiuTraa
- JF EatUmTa'rl
522 15 23 45 to 85
54 72 500 toOJ
59*4 102* to 13
541 93 *4 37 -0 87
High Yield P’lrilo-. I 5- 213 2251*901852 ai-««- Ktata™" ^*J"VES“ BHtabUltaWOdk . I S8 92 I
SL6. Warburg Asset Mngmt Lm SA hi) SSSiU, OT. “1095 8262 - “•« J****,lsfS« 5 (Dial
M, Rat Laos Tints, L-2636 Lu 01D3S2 421211 Glotal Bond Jri 6. . IU74 8268 - nJ^yLif rLIu.iJ^r.^lrZ* „
kkrcnrTSekcUdTrt-acAV Patrimony Fd jm b . $1374 2987 - Dalwa hitl^pttal MuMgement (I
AeOralUfl Fd . .. . 5- 1337 14.44^)03 - European Erty hll t . 51054 1307 - «MtalaEaolt»NAY.( J5J
DM Global Bond Fd DM- 23 15 24 J8 tOffita 56 Eoraonn M Jal 6 EcolLM 3467 - Malaysia Etadr NAV I 51070 1
5“9Saio Faad 5- 25.20 abWltoiar - EnowltailWiJUb.. 510164047 - Daiwa Jananese Emritv Warrant F
Eanpcu Opp Fd S- 1587 IbBattodb
Dousr Glotal Bond Pd . 5- 1X95 1259
Global Fd . 5- 438* 4585
dotal Man Cur Fd .. V 09 74 10 2*
HooflKoogFd .. 5- 16.98 18.16
Japan Fata . V 17 70 1883
J loan Oam FU S- 11 90 12 71
NtelhAoMr Fd . £-19X1 20.79
taktaHricaflOpm tr 1734 18X0
PacrilcFd . . 5- 13 00 13 90
SJnmoora L U (yUa F« 5- 12.35 1329
Unhad Ktaddon . 5- 27.08 28 77
YmGtabil Bond Fd . 5- 1317 13 88
ren Glotal £« Fd . 5- D7.91 08 42
YcahnJEoFd . 5- 088* 0944
Heruay Onshore $tla TdtolCSV -Pruea it Jul 7 Lau anUoUmAn* I 523 04 I ri
©fa- ■■ EM siii r°rr,r3t:^ -
JaponFiM _. . t-o.697 0.745 -un loo NomDra Rosenberg Alpha Fund, Mark n ?£!J1,S.V-S!!SoB 1 mn 1
uEcrteanFuta ... C- 1.152 I223^moj)0 Portfolio A NAV 514 10 *i)04| - IrmlUgeBiariy Fd I ruai I
Pacific Fond 6- 1.251 1338 HKS: 137 Portfolio B NAV .. 513 45 I to 04 1 - WhUgrCmMyAik
KiSfls'"'" ESS is™ B&4-T" T-y* ■ -SS
Wardley Investment Services (Lux) SA (u) SSPuJ” H ~ ErouiaSrSuBoodrd
7r*du Mareta-am - Hrrtts 1-1738 taremkoora SEEESE- m I EimHaw Japan Fd
ScFjK «SdM - fejSSSaft
CaoadaEgoJIy . . 5- 874 9120-002 - NW BEF BFrZ7479 00 - Erniiagt5HrFdLM
EwgprEmdte S-ii.is 12.40*01? - Pirine Basin Growth Fund pniugrUK epokw
Kona koag Egulqi . . 5- 1962 20 66 to « - NAVASIn 51060 -0 06 - Eraihaw too Fund
loll Managed Earily 5- 1Z14 22.78 *AM - BAVBSW Sli 79 1 to 05 1 - UtaavCqtaLroDl
JasanEquTy *- 8 80 9 27 -012 - Rosenherq Global Mltqt Co SA (u)
MalayiU EnuHy .. 5-13 00 15.79 *005 - rohST.TsTtai nSdriokil Emiwto&BUHFlOl
s:i4*Silto« : BSSSJfW T i -owi - SBSSBiSm;*
sShPaifOEgir"". 5- 72* 7A5 -DID - N** ’ i101.1. J 03 " ^nrfaSNutl'fO
uKEMty . . . 5- 1229 1294*00 - RweiAerg Management SA (u) lEJHfSKS^r4
Sffrlloa Bams 1- 4 70 4 95 . - Rntabm Alpha Fata Vkta EMHEMSBota
us Dollar Sou S- 9.97 1050 *011 - Portfolio* NAV .1 59 78 to 06 - Eurepe 1992
Ml Manaetd Bond 5- 1329 13.9? too* - Parllgllee NAV I S10B4 I -00*1 - NAV I $1093 I *£
^oSrMk^w 4 36 9 fits m I Rosenberg US Japan Mngmt Ca SA lu) S.G. Europe ObUntlnra SA ,
US Dallar ktftnt 5- 9 36 9 8b<d01 - It,^^ rur4 us Juu^ Eu-aiM-OallJwonS . T 5117 30 l-C
£2ia!t°frKS 1 ,0Bl " FFM I Swiss Financial Services
■ llwriinAlinn _ PorHoJIa B. HAV .I 5*39 I .. I - Molllplr Adriuuy Lid. I 1982.75 I
LUXEM BOU Ru BEfiULATESK1*) SC1/TECH SA Falcon Fund Intern at) anal Inr
IM DU Global BondFd
- Eareptlo Food
- Eorepraii Oppy Fd
- Douu GMul BondFd
Global Fd .
dotal Mm Cur Fd ..
0103524767492
Ctj\.tdtarFd. ..
BnirJiFuM ..
Eurnpton Fata
Eanmi Eurooem .
Aii-i Pat. fie Fd
Jjojo Fund
tasujinJanFd
Gitoal Diwrth
Enurgfng Ulu Fd
ire Growth Fond
5*«rlup Bawd Fd .
053427535 Era . . Eafl39 9.93 toOI
Sterling .. — £9 44 10 00 *001
l»S Cellar _ _ . . 59 54 10x0 to.03
M WortatadB - — .. $955 10.11 to 05
Scrlmgenr KenoeGee MnumL, Jersey
SKGCapUl Fund ...71487.4 518.91 .71 -
SHE hKPOIC Food _r.l75 * 80-41 : ... 19 58
- Hank America _ 5- 2X3
- Uahta Kingdom - L- 1X7 to 03
France _ . FFr- 10X1 to 05
- GermWw . . _ DU- 4.88 . tool
Switreriand - SFr- 265 toW
“ EbTOM— . - Ecu- 1.09 to(H
- Japan . Y- 206 -2
: S3?r^: % IS S
JF Eastern GmtlkrCa. 512.10 13.72 to 26
JF fit Cane* Wm Ig 510 03 10*8 -0 21
JF HP TMUJt -10-11 514 46 15 JO to 33
JF India Pacific 513 41 14 80 to 22
JF Jajjao Trvain . Y11044 11685 -54
JF Jann OTCTsI Y923 482 -9
JFjaoio Small Ca. r 42140 44582 *12
JF JiMoTrckTu V244fi> 25817 -115
JF Japan Warrant. 57 84 BJ4 to 08
JF Korea Itirit 59 70 ID 32 to. 09
JF Malir-M Tn. 59 48 10 04 -0 01
JF New Zealand TM 5943 9 99 to 05
jFNihja. . Y2129
_ Rothschild & Cie Banqne
_ Elan Indci France FFr13 602 *1| I -
_ Elan USA. . I FFr 1.274 7* I I
_ route intei BrjUfCPi I FFr11412 31 I I
“ Ratal Trust North American Bond Fd
~ nav I 510 74 I to 03 1
- Sabre Futures Fund
- Dinr-.il, Ed ASM 1 518.33
- Eonrnc/C Snare 1 5*9 94 |
- GJOOJI Slraiegy 0 5hl I 5901 07 I )
Safra Republic H I ding
ProuOlic GAM Fa 5112.26 -116
RetacGANSwJiFebK 5104 72 -137
. RiOiAIrlUUPaliri 5104 )6 *0 42
FrouhllcuAr* Eurtpe &Fi44 2?
Ibrteld GAU Janrnte Inc 97 80 *107
- PriMKLaiwlinkiailK. 100 22
nmricLaaiBkchthi roil?
_ tame lave Ante Menu
_ loalLlaaNiirlrasui
_ ktartiutaai'iAra
_ taaciuiiatan'.z, , « • -u**i
- leaLWIIaUraliuicia 48 27 I I -
" Schrader Investment Management Limited
Cap J5Eoun* Jol 1 T 59 38 I .1 131
- Schroder Japanese Warrant Fupd
_ Undiiided NAvTuI* J 5126 I I
” Sdiroden Asia Limited
Allan Fond 514 17 14 92
BiLmcrd hit Fd . HkSl2 27 1292
_ Croerey&BonaFdloL 5180 140
CorranqiA Bono Fd Arc. 55 62 591
EorroyFioid 56 3* * 70
: EarOjtaofd 55 JJ 5 62
Fai Eastern CwthFo 5* 46 * 71
. Far Easlcni wm Fd . 5647 6 82
. ColdFuoO SZ 34 2.52
. Hong hong Fd Wl&JLOJ 3268
Inurauuteul Trust. 5* 34 6 68
_ lull Wrrt Fd S5 55 586
_ Joan Food . 5*16 644
- «fiBSaP: n»»
- JF Nooiora Gwu Tn I S
JFFadfklricTaOMKHJ 5&Bl
. JF Pacific Sea Tuna
_ JF Pniiosir Tn.
_ JF Talprt Ta
JF Taiwan
if ItallanriTn.
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” Jf AneraanCrouUTn. 1 51038
- JF Comlnranal EuroTa 52.91
533 11 35 04
546.28 *8 68
512. M 13 32
main mica*
£11 80 12 5b
Nanh Ann uarFota 157 16
Schraders Australia Ltd
Schroder AuiiSn 1aso20
Scimitar Bermuda Funds
Scimitar Fat ira Fd .1 51 551
Guaranteed Fd 58 81
Guaranteed Cwtenct F 0 157 94
TSB Tract Funds CO
1 55 TSB Jn EooftjF±.._. 40J
'30 TSBG-iteEoJtaFd. 405
JO TSB Idaod PMfhn 387.6
I mL- Jersey 'ihiini Hbowtn . ..
Tn - PfT*6*rt»g Markets..
BD.4I : 19 58 loltelllUopal .......
I9S8- Bytatatfallta
Dollar Boon .-
"J-SSlS-iS Sterilaa Bond
7? Tarort InteraaL I tanagemait (
is l*c*7 Growth Frof . Eli* 13J5M
JS Tarort UolBiauiTn _ £833 6.53
«, hglMI tarn WTO. £8 64 Bid
78 IwgdLFNntaUwStogr — 0086 1150
7i Trndall Intemtiqual (Jersey)
OT GW Fd _ _ . _ 1188 124 OP
Si lAaam Stared. , 684.1 718.4
62 MaagedCterta7SU0_ 116 123
84 . MmvrdCwnrecyDUr . £1.03 109
EOJ Bona Fund Era- 95M
taBwaFteO 5- UU
Global Cten Bd Fd S- 1833
USS Oetwui Fd S- 1 010
sterling Depaul Fd £- 1 OJD
Freak FrtwOroFd FFr- 10 2?
SureF. Oro SFr- 5.139
OMDepoaUFd . DM- 5 150
>m Oepour Fd Y- 506 3
Aual Dir Deoaill Fd AS- LOW _ _ _ _ _
John Govett (Channel Islands) Ltd QOtHJtF whmiiw1 . JaHR SX
po Bo* A43. si. Heller. Jtnij 053475W1 Wartom Asset Uvwwmmt 4i
Glutal Slock In UPlFna, Band FleMtteMJ . pitetaWitet - 1 £1.16 , X24
GLXal Eoully . My £9 06 9 0* 9 16 *006 1.0 Drergr taL. iSIWJb 12221
Glotal Boral 5b 510 51 1051 IDS* tojl 7 0 MinaryBOBdJnl L- - 09*4 3121
Dollar Gath 5 }9 04 9 04 9 07 to 01 3.25 MPaH.Tnm Jw 18. 03 07 1335
cDroDCJu Bond 5 HUdJ 1217 13.72 toD* 80 Mm M0re7MW.SUg._L _ £4224
Gorartmrr. Bond 5 51089 10 84 10.94 to 02 70 JtenmtattenrilnaritavTWLM
SltellogCah. 5 M 86 4 86 4J0 .. 40 Ooml Europe fd - 7tWJ9 69 T9
i-Mnee Stair On ih YB01 flOl 809 .+1 OO NthAmwfciFd. -lg?£ «f7
Far East Eorire 5*y IU 75 11 75 U.87 to 05 LO JapuFX -
US Smj lire Cos . 11388 1388 14.03-091 LO FsJflcFd.-. -—]tJ9.«6 52.96
TumtHun Emote 5b Wilil 13 U i3XJ to« 20 JtaerreFd- - - IC4984 5234W
. . _ DoUarBond - .- 5- 229 toJU -
38 Us Sae- m « : ssssaaF-:
fisaafe: at ta r- : "
HSHiud Gloul Bond _ - 5- 235 ton - WardlQf Invest
,_;i iTte, Mrerhond _ _ _. SFr- 272 - 7rofduManhf-
_ taervePortfos* DrallBg- 010352 4
- MtoRmeie... . f- 209 -- - Warier Glotal 5di
_ SunlnqRnw _ _ tr lJ4 . . - Cauda EouJii
Fras* franc tame. FFr- 1LU .. - IItoISu
toi 962 taass? r_ ' is r : SRjgsev
- Gartmore Luxembnorg SA W ftgSfe,.
-4 ari W.W*?
Japan Oops Fd S- 11 90 12 71
North Am* Fd . fr- 19X1 Z0.79
- Htk Amrekao Opps 5- 1734 la.hO
“ Pacific Fd . . 5- 13 00 13 40
“ Shuman GU boa FI 5- 12.35 1329
“ Unnad Kingdom . 5- 27 08 2877
” YoiUatal BondFd . 5- 1317 13 88
- Yen Glotal Ed Fd . S- D7.91 08 42
Yen loll Eo Fd . 5- 0886 0944
- ghrotaOratareSUaTri-uCAY
~ Glotal Food . .. . £- 1 045 1X13 481 0 38
- Ovmros Food £-1 103 1.175 -4 H D 00
” EarapmoFoad £- 1 100 1 170 -1101 020
Japan Fmd 0.647 0.743 -UU 0 00
U American Futa ... £- 1.152 1 223 404 1180
Pacific Find tr 1.251 1338 HUS: 137
IHd KhetapDi Flita .. £-1180 1253 -8088 219
" RtMfwFund t- 8988 1041 . N 74
- Wardloi Investment Services (Lux) SA (u)
- 7 roedu Marche -am - Hcrbes L-1738 (raamtan
Dtallog' 010352 47*812220 Fm. 4755*9
- Wanllte Glotal SriecUan
CMiaTEmutyJfllb .. 510*5 8262
Glotal Bond Jul 6. . 11374 8268
PairlnanrFd Jnl6 . $1374 2987
European £jrtr jul 6 . 51054 1307
Eoropnn Bo Jal 6 tea 1134 34*7
EmmgtateVkJalb.. 510164047
Man Equity 4 Jal* 51340 6836
Murray Universal. Sicav
Afnrrirao Port July 1 . 53035 3187
European Pun July 1 9 25 4 71
Japan Port July 1 515)36 Ibl 03
Pacific Pori July 1 .. 512.45 13071
NM Income & Garth Fd ,
NAV . . 51457 I
Nitto Bank (LuaemtooraJ S-A.
UStanFO-BCAVNAV . T 510 57
Eoro tahra Fd NAV.. .1 Etk!041 I
locome JUtao Fred
Portfolio A5*f I 5105 79 I
Portfolio B 5M I 50 00 I
"•Pnieauai Jol 7
K«1 Treu HAV JW4 .
Seote Trust NAV Jul fc .
teen males a** Id 5.
ftHUribuli«aMJElli .
Daiwa APT Japa
Daiwa apt Jap . .
" JF Communal Euro Ta 52.91
“ JF Glotal Band Fd S)5«3
JF Ca rope in TylUl SU.A4
- JF Eero Wrru Til . E7 54
- JFGfinuayTn. DM8 3.
Jn»Fsa .or
- Daiwa Inti Capital Managemart (H.KJ Ud
- tatonew Eosltv HAV.T 55 70 | • I *
- Malaysia Eqartr NAV 1 S10 70 I I
- Daiwa Japanese Equity Warrant Fund
- Xrattty WmJui 30/ 15266** 32)6)1 . I -
Deutscher Investmoit-Trast
- Concern 1. . IDM44.U 4634 .. I
- 6*. Rcottnloats . . IDM7L51 736)1 .. I -
1 EGS Overseas Fund Ltd
NAV June 2. . ..I S 1254 00 I I -
. E.T. Investment Management Ltd
Euauabneo! THJal3 Tsi.74 1 821 I -
2 For Elaen (SwluerUnd) fee Pyrfanl lov Mngt
Emerging Markets Management
- EarttuSuiUmlS- -1 5294*8 1 *2 62 -
_ Aue£ju*rCabU«I4 . 1 510 16 .. .
LauNnCHUNfAirXl I 523 04 I to 20 1
Henderson Management SA (a)
OririmdiMt - J* .La? . ^ Z-^ 21-25 Alice Schcfftr L-H20 Unemtauri
n B WkMicMfS %% “N72" H— sSfe7*oi5BE58aM
1.25 MeuH TnotJu 1& 0307 13X5 .....I - EEESpEEffi'T c- u.-t in no l
MW MUSS M WorWinvat
omdaoribrl _
pePd - 7C60J9 6979 *0.03
ca Fd . .109 47 42 27 -0.35
_ I £3X88 35X7 to.45
- 1C49.46 52.96 -1J7
- IC49J4 52344 *0 01
UK Eniir 5ij I £4.43 443 4 471-003) 3.0. vr^1M_tt'^cFdr
initial charge may afire fee salts 10 outa’iurtsdlruaay EzcriHGIobri EqtrS*.
Hill Samuel Fund Mgrs (JsyJ Ltd QOOO)F valued wtetf
PO Ein 63, BoMSlrert. Sl Hdlre, Jew tti34 MJ814
SUqFteedht . 3lj X242 1242 1J91 .
an-roreVtaYrid 1«57 1510 ... 1093 J IIVPIinA
CJCtaJEtaJUFred i'y U44d 14 SOW 15J1 ... >.00 LUACMtSU
EarepeSEnlty bh DBUV 17.85 19 09 to JO >.»
CXGiradi.OFtai. S'; !4528 * 52B 4 H« -OK 227
N-AAironcviEaii .S': i*au 9033 105TO *an 100 £»
FarEuVernEfllt 5 b 3 768 6874 9491 toHDOOO - • Ota
fn-mn etui Bn* V,K9.720 9 73*ril0«13 -4ittto22
Sririm; laamyr* 3'y|p0 76 10 7*te U23|.. _-.|7 4b For Atery
DSDoitaKwa* . ih®4iB 14 18*14^31*0061548 Abtrust Fund Ml
IntnaUooal Coretaci JtaH _ _ 13 rut Curbs L-1637Lai«da>ara
SwitaUaawt*.. 39 2837 2057 29 40 toM r
ttonuttaMot I'lMMSDM 24-2Sux;a-.r SSSdCiStaSB- I S- 258
5i-ri.no a* .. 012768 27 68 27 68 to 01 ?21 nr 1 uf-l nn ftrfkNa . “ -
UE- Dollar 04 0 53437 J9 37 3957 _. 2.7D SgmSSSSSa.-
Deaf ich at. irk a 4 D Wtf 21 65j24 *5-24 -001 S29 Com! EwTxePtetftta .
JaoaraseYeoPA . 0 Y50*2 5 0*2 30*2 *50 gSwh?Pcrt3hr-
5«i>sFrjnc*4 0 SfdtJ* 50.14 5014 tool 7.72
in-.* Purelt* okojoi 23.41 23.4lltoJlll6 SO SSScSSSta"
WoridTovan lac Fdr..lfi*lJ2 Z425ta \ .
Enellf GloaalEqtrS*... IS57.05 37391 *0)6
Valued Ktafy. ‘Mondays. I Wednodoyk.
I ~ JdNMK Portfolio... V- 953 10 OT toM
‘ " JapaaSHN Capita. S- 2X14 24.49-021
Pacific Portwio .... $- 1736 1837-015
- KthmmcM Plane.. s- 5«a 582 <am
European Ptetfaflo. s- *16 653 -006
“ UK Portfolio . _ S- 787 7.-N *007
“ Global Portfolio - 4- 9.80 1038 *003
- Flo* hn Portfolio.... L- 9J74 955 -tail
SOI UtatotrPkOo . . tr- 1064741 UTS Man
HID Samuel In Services Xn» SA (a)
57 54 8 0) -0 10
DM832 881 *002
51251 13 24
58 98 •*55 -0 14
Canada EaoJty
Europe EQBlir
Sreah Pacific Egvy -
UKEtatty .
SUrllwa Bond
USDollarSou
lull Managed Bend
Sterling RKenr
US Dollar kBP«
4- 11.78 12.40 rtJT
5- 14 62 20 66 to 46
5- 12.14 12.78 toM
S- 880 9 27 -032
S- 13 00 15.74 to«
*- 1X74 123* *006
fr 1489 1568 toM
fr- T26 7X5 -DIQ
5- 12.29 1294 to 03
1- 4 70 4 96 -
S- 9.97 1050*008
fr- 13 29 13.99 too.
£- 4 15 437
S- 9 36 9 86 *901
iffi LUXEMBOURG (SIB RECOGNISED)
WUnaWOKUWOniXlll NthArawtanEaniy-.
US Smaller QTiEoM--
oJSSSpSS ar.-w
Marttjaac 63/65. 3001 Beret. SwtaarUod 34051
HID Sana* Qatar portfolio
Eqrib Sob-Fredi
UKEtaltv - £- lom - toll
UKSuudl«Cs-tEg(r- £-U0Q -toi)
NthAotakuEoata— fr 4.49 - toM
US Smaller CB’iEtey.. 5- 789 - tolS
Pacific Darin Emily . S- 1033 -toil
JNUJtaeEaottr - Y- 532 - -1 .
European Bnta ■ — . DM- B29 -ItoM
: LUXEMBOURG iregulatebk**)
Md OHir *ir YWd
Price Price - Crete
ErouujeCnHUyAiijFI
Ermluge EgollMS
Erninage FSPynea
Lm Hedge Fd 5'0tri
Eromage tail Bead Fd
Erm*U9« Japan Fd
Enutage Uana«ed Fd
Em Ifafi N America Fd
EmiiagtfrrirFOLifl
EmitageUX Eooitiet
Ermluge Cask Fund
EnwagiCcylhiLFdCL
EmtUftotoBSlIiDZ
_ bataCahlateteD
“ tutaCnSHoiiF'-O
F M H Emwu F*
EMH EM5 Bond
- Europe 1992
- HAV
I - JF Glotal Wrru Tte 58 98 9 55 to 14
JF Global SeturUJet lu. 614 31 1514 -0 04
I _ JF Glotal Hey Tu. .5553 5 86 to.03
JF WHrxQaulldTo*. . S10 42 1103 *0 24
j) Ltn JFWrtTr»a»lE«|W. 68*7 918 *0 05
- JF Muageo Curttney . 12 15 11 80 *0 14
I - JF Money Mkt USS 51 00 3.53
( JF Money Mkt Yea Y100 432
1 _ JF Monet Mri DM . DM1.0D 4 41
JF Monet Mkt £ U 00 10 04
. JF Money MkiSFr Sfrl 00 8 19
- JF Money U«l Ecu Ecul DO . .100*
• “ JF Money 74ki C5 . CS1.00 5 49
JF Money Mkl AS AS1 00 ... 5 78
I - JF Money MkiHLS HhSl 00 )«7
Dally Dealing EXCEPT Marked wUh »
I - Kestrel . .
FlnJ ketrri Gid Jun 3D 51013 I -
m Sierimg Stare Jwi SO Ll*31 I .. I
US Denar 5ta Jun 30.. S28 59 -
. _ heard II Aor 30 I 510 00 I I -
- Korea Investment Trust Co Ltd,
I - kora* Iml Tnoi NAV £33*3 1st -
Seoul Iml Trust HAV S32M tt'l
it.. Korea EolyTnnl NAV S* bb la) -
1 * *' Korea Fauili True NAV S87* I la) I
. o. Laendertaank
Eiwolndn Fd . IWOWJk I«I»I I
- Lehman Brothers Oporto Growth Fund
- HAV June 15 . . \ $7 7* 7 7
- Scimitar Bermuda Fi
- Stlmlur Future* Fd .151
- Guaranteed Fd 58
- Guaramnd Cmtency FO 157
Scudrier, Stevens 1
- Argemlu Inr Jul 2
- 8raMNAVJul2
■9 Ksaeallavjui;
- UtatmnKSApoJteJI
- KewAslaNAVJurZ
- Hn [mar NAV Ail 2
- SrelkdlVNIdMV'IJdl .
- SnKtamkuawijdi —
- Veartuela Hi kv Jre 24
Clark.lnc
ilD rj
ffiS
im - Segespar Securities (Bermuda) Ltd
■ OS _ MMli Wtf 111 NAV lull 30. I S37D87 69 I I
118 Sbiozumi Investment Mngmt (Bermuda) Lid
aj2 JaNnOppiWJDiJO I S4 3J I I -
,31i Siam Smaller Comiunles Fund Ltd
a Creait Lyamuri tatrraajlonal tortMngni^ iHh) Lt|l
5S Singer & Frlerflander Ldn. Agents
• 3™ Tokyo TU NAV Jn X I 51135 ” . I ID
■ Soelete Genera le Group
Alla I 53*0 0* I I
1 - BIW Cateyon A Slita I I -
., 1 . BT Y.’ Category 8 i SJ7 47 I ujI
Soelete Generale Merchant Bank pic
FFi Snood Marik- Crux 1R-13BS UEtM
Soditic Asset Management Inc ,
Alpha SAM |nt I $100*7
SAM Diitrulifdlni I 13U) *0 48
SAM Suaug* Inc 44 *8
SAM OpuorUially Inc I 44 *8 I to 59
Tabasco Fund Managers Limited
TalujcoFd . . . 1 £7 58 T
Taipei Fund
NAV NTS15A3 4100 USS62 87 Uni 7>
Taiwan Tracker Fund Limbed .
S.G. Europe Obligations SA
EurouHniigaUonl . 7 5117 30
FFM / Swiss Financial Services
” Multiply Adrttory Ltd. I 1982.75 I
Falcon Fund International Inc ,
- FakooFaNAVMayJI D 5J45 3218 1
Fidelity Interaatinnal LU
JtaoDTiai*ii<a«a«»- 57 3b
- LtmlaCepulLUhaH . 51021
I Fidelity Investment (CD Ud
_ AroVjtsW ... S104.4M
_ AnraricanAiMO . 51*8 47 17(
. AuUrllU . . 51634 17
. Dollar Snuigi Tx S14b 78
_ PaoDc.. .. 5280 07 29*
- First Mexico Income Fund
- FVB Mexico Inc Jol 1 _1 S22 62
I Five Arrows CJlIIt Fund Ltd
NAV Jon 30 . . S23J0
For AM*, Glotal sa ftuod Glotal
Abtrust Fund Moors Luxendwrag SA (n)
13 roe Goethe L-1637 LouirAnn 0103524046
2£B£%!Z-
Sttellog Fhad M . .
Staling Fired H* . . £- IL52
Stallag FUtaln Oft . [r 10.4*
Eoftacu Plata NH - DU- 10J7
352 4046461 Eanoeaa.FbtalollU.
KL Offer *w YmW
Price Price - Grate
Alliance Capital
GMulGanoTratasCI A. S10J4 1X24 -0 01
6lohil Guta Trend! □ B. S10.47 - ...
Glotal lAtfait*. .. . 513 S3 - *0 01
HoirihCmA* . . 547 78 - *0.63
Heal ill Care B* . S47.65 - *0X3
Iml Teen* .. 32092 - to 2
Arneriran 54 76 - *0 04 -
American 8 . . 59.75 - *0 04
WoriduUfraeameAl 54 71 10 01 *0 02 7 24
60 27*0 27 fafilto 01)921 SSSaS. fCSS “
^ s-sErrois SSS35&:
GWulCuPretfoHo- fr 2589 2810 toM - ^otalEoaHr -
IWfSrimftntfceiO .. S- 3.046 )»-’ NEJ - Glota Band_. -
Otari Kitadm fatten*. tr X122 1J20-SS13W OgMBwIBl;..
Coal Europe PortfoSa. DM- 4 022 4J67 -MM 128 Globa Mreugrd ..
r J92 iiawn Hypo Fnreiga & Colonial Port Fd Sicartu) Sicav
- WorktaiOrMcomeAX 110 11 10.02 to 02
- uiwUrelde Income B (59.71 9 711 *0.021 * 70
- Ssinrih Soulier Got .. 512 00 -I
” 5tarrtsfi Smaller Cm IPU1150 07 -I .. I
‘Pitre price dwendi no jorfNHaJga
1 Asian Deadopment Emilty Fund
- Port* oil* A J id 3 J 52*96 1
. PatfoOd B Jul* .1 S17 06 i ..I
SO /tech NAV .... I 51
Sk and I fend
StaodliuriWa Enikiku Bank!
EnuHy in acc . 514 *<
Eguiiy Global 51 J4
FteEAQ... . . 52.80
EquHy Holiuri Res SO 85
Eiyilly JojunAcc. . Y4J
Ewutl NordK. .. SI 34
EquHyUh ... El 14
Evilly Conti Europe 51 48
Equity Medlierrawan 50.45
Eqmlr North America. 5173
Bw<d In. Acc. Ill I4
Bond DEM Act DM1 <
Bond DalLu- ACT 5127
8o**d Smw Acc 5krl>'
High Income Acc. . SIS*
Ejettilda kaJ SICAV. . SU7«
loti, Eoirgmi NDriKu SO 94
Bankro
514*4 1544 *004
51 J4 141 tool
52.80 2 95 -0 ID
5083 088
SU14 UJI *0 07
DM1 08 110
5127 130
SArU9« HOT -001
515* 169 <002
511769 12182 to 63
SO 94 1 DO -0 01
$1453218 1
■ I Lid
57 36
510.21 I
(CD Ud .
- Uppo Asia Ltd ,
- jaaimbpotaLuuv I 5*49 I
I Uoyd George Management
_ Aotinu Fd Ltd Jul J 1 $10 75 I
- Uoydi Trust Co (CD Mngrs
00 UwaHika KTorid Ire hai_ l£2 042 £14*1
Dealing weekly on Tiunvu*
I London Portfolio Services Groin
IPS im'i Oro . . SW-w T ..
■ LPSInf IHPB. .. 5924 I
- MFS Meridian Funds
. More* NUriet SI 00
_ US Govt Income . SID 42
- Global Gm Hunt 5U 62
Global Eoultt .. 51215
MuKf-Cnnvncy . ... 511J5
” Comer Income . 510 31
US Eroergitg Gulh 51261
- Malaysia Capital Fund Ltd
NAV Jul 3 £10 47 I
- Malaysia Fund ILabuan)
NAV Jul 3 I £4 49 I
- Malaysia Growth Fund
HAV Jul 3 511 71 I
- Malaysia Select Fund Ltd
- HAV Jul, 1 . . I £10 2592 1
Taiwan Tracker Fund Limited .
I - lode* NAV . I $10 298 I
UandHAV . J $10 517 I I
I I 36 Templeton Galbraith & Hansberger Ltd
GldUi hK July 1 ISA 42 10 03d! toJ7l -
■I in , .
The ThaHEura Fund Ltd
»0* Ubta Bmw Fund Mian IGuraiyl ul ,
■ NAV Jul 3 I I|4 40 I [
- The Thai Prime Fund Limited .
- NAV Jul 3 l 514 9? I . I
- The Thailand Fund
NAV July 3 Buh-. 848 247 63 10» *MM USS)5 *04 42
1 “ The Thailand Growth Fund
I _ NAVU5S14 12Ju«»
The Thailand Inti Fund Ltd
■ - FUdHylnttnuUwuilLM
NAV Jul ) 1 518 33 1 -0 251
i * tn " Thames Currtncy Fund Ltd
LM NAV Jta 30 1 510 84 I I
it (CD Ltd , Malaysian Smaller Co's Fd (Cayman) Ltd hXvjJTm ( “io w
5184.416 -6»l - Credit LronataHotreultaial Ariel HogariiHKlLM . *
51*847 17*89 *0 70| 0 *6 nav juiy 7 . ...I 51083 > T Thornton Iirreshnprt Manaarm
51634 1721 *d oi I - Me iuaed Futnres lostituti anal Fund Ltd Enum Crouder (ssjz *Siia
s»‘S"a» sslis js.'ag.aSfr.ffjgjr' rM r - Essssa" |tr« v-as
me Fund
Income Fund
■llTl 522 62
1NVE5C0 MIM Internationa! Uersey) Ltd
PO B<u 271. St Heller, J«r». 013473114
Jernm Gill (,' . 5GIHUHF 03807 0 1905 HJ« B 40
JersoG.ilte' .5G1I0JIK 01807
Lloyds Bank (CD U/T Mgrs.
PO Bom 145. Si Helire, Jenre
UowhTu tall. J>jl£4A80 9 64*1
Dealing drily
Pacific Portfolio. ,.
GONIPortfall*._ .
Uk GrtMkol boose _
Dartar Portfolio
JaSotorCriPYoao .
Sun dag Portfolio...
9 4«fu(3iae5 Arfna I“U Umbrella Fund (u)
G- D5C0 0545 «» -
s- 3320 j.605 -era is
fr- 3 162 3.434 HOI -
£- L173 L273 -tUM L99
fr^ L473 X974 *M I 52
tr 0X29 0.663 -UB -
tr 1 051 1.092 . -..to 42
Eatatar Hie. PrinreuSt EC
Am Sofr Cos Eq _ fr-
JlUluoe Eqiy Pwt ... Y-
EuropeanEnty - Eo-
NenUcEority... .... Ecn-
AiMrEatar Portfolio- fr-
Selao Fitatm PoratiUo _ V-
Maflt'r'o EquUy .. . Eta-
Sl EC2A2VT
fr - 1440
_ Y- 10U
Midland Bank Fond Managm (Jcney) Ltd
PO Boi 26. Sl Heller. Jengr Ameriean Eridty - . S-
InUGrttalhorTfoUo.fclDIrte 0 8704 ObewkWlOJT' AOnEtedte _ fr-
Gik. jIumu 0 448140 9777 MNDil 1023 Atalraliib EteUly _ Afr-
Ewopoan Eqvto ■ . fr
For HIM ue INVESCO MIM JkjuVrt, E tally . S-
Prudentlal Fund Managers UerSQf) Ltd Kalita Gnta* ntai 6~
TO Bta UQ. St HrYier Jeivr C63A70W) aoretool* &G«U _ 5-
Prbduaiol Qtfftaa FdfPVlUili VMWnigPfraog.Pg. EWaHuhcAGak.. fr
havneuaei 51174 9 174 4 lB3J{T-0.6]t.B0 patBriribe&Grea. ' ^
Grown IC A Ol .512504 250 4 2*3.21-881000 UKbri&EwU . . t-
Royal Trust Jw Fd Mngt Ltd n<0«F t M*
PO {Wt *28. Si Helier, Jmn SSSSifaS? " si
. 5b 76 W-IlSSai&Rtt ^
TSB Trust Fonts (CO _ «Se™wieanBd.. S-
PG 6w 5)8. Si Hel((f. Jney 0S34 734*1 SuniogBmd. . £-
TiBOHUMra lumilrei ill nwl I 111 USOoliartatal . — Sr
£i* IWi CIumSMI 35WJ35ril04«toOJ2S VaBatel - - ■■ ... Y-
GUii FlteO Huna Jp9*5 10965rill3§4 to® 7 65 UoariBoreveFiad
BiaOnpiGJlCdlri-. 5^0 63 50 W SS " -«J7 3.77 OtalMHUfk lta... | 018-
loiBhuilotui Band 300934 10434 115 W -0 08 *2? SjrtlwRrrine.. . £-
UKEqoliy . . 5)157 -W 157 <8 170 W "121 L2f» OSMlaflta . fr
(otertUilou* EtaHy 502040 12090 129.16 -L99 9 00 Yta R*«ta . -I Y-
Far Eauct . . - 5 99.97 99.97 106.94 -L73 I M BiraJ» Inti Fumfc (Ll
LuroMrii . 5IWJ04 89 04 94J4 1017 7 00 TfnT . mTr n. 11? 1 1
47BWBM^TOBta^-^Li/ 01035220860 2NVESC0 MIM Intzmattona) Limited (u)
PO Boy 27L SHKler Jmy
blSBiS CSSKfr-":-: t
P 17 Ui*l«yam Income _j £-
fMi&oo 1 *■
-ODlloBO Wmilrreei
totaKra PSHaAmertoeWo*.. S-
FS Honk Soar WnriE .. (r
SS: l
-:4*B nn Earopean «ani> _. fr-
5SG.17 Efwe»WriiamX. t-
SfiHVM Aroerlcas Doe Juo 30 562385 I
An Dynanilc Juo 30 . 5M2S*
^ _ Far Eju jun 30 - . Y31.73BD0
ne _ EriocrofcUKrJunOO DRW76.69
5 _ Ban) Glotal Jm 30 DM544 24 1 . .
00 - BAD lutermarfcet.Fuitd
M - NAV May 31 ..I 553106 1 -0371
* . ' Banque Fetrier Utflln (Lux) SA,
I (id FLTflSreiltefUnl I SFrl02.42 I .... I
S- 1436 1533 -017 - Kg Emu 6 1
f” pSilStairil
. its? Sin “** Pirtaer Bond
tr 154f 16X1 HUH - -n r _ , f.
ribas Ljne
Target International Ltd . ,
Iml Growth Fd T&17 33 18J2I
Templeton Worldwide Investments
Gnretfa Portfolio _
ClaiA-lS . 5» *2
CNtiA-Ii 512 62
CNuA-3 5 S UK
CuhB-IS 51014
Clau 8-2$ 51224
Utaroc Portfolio , .
cubas ... . sm
CUM as . I 510 78 I
Transworld Bond Trust
NAV . .. f 512« 1 *0
US PacHic Stock .Fund to)
NAV .. . .
Unibank SA, Fro
D534 2744I AoriralrioSBteri ..
SsgJgiSffc";
053473494 SS&ZSSS0.?::.
US Dcmar atad . ..
(oMnrilaw CtaUy
Far EaiiCT . . .
LUTOttflfl
PunAnrricn
TSB UH Food Ud
Quartyrty Sferir
UoMhly$kree
Nippon Wonaot . . I
07 HtooanWanreAC — I
^02 736 Ptmdcr Meet Fata*
~ in? America* Grom*....
SSI 112
— - Eoropraa Entrtme
1)757 GMNlI*<9**|titos—
- B77 SWtalGrowUi .
".'Glo Ntopoo EhlgpriH
• gu Slaooc Growth —
5- 5A4 589 Hill
6- 2.85 3.06 . ...
S- L?6 .111 -DM
£- 1 02 l 10 . ..
fr- 1.74 187 *081
£- 0.40 0 97 ....
t 203 2iB -U*
185. 1X3 ...
S- .105 5 42
tr 6J4 680 -8«
tr 6.89 6.48 -OB
S5.15 516 „.
4.45 4.77 AM
fr- S.14- 551 HUM
5- 6.20 6i4 -003
J- 437 4*9 toOI
fr 488 5 03 -flOl
Sr 3.48 3.74 toM
181 155 81 16S JO *to 09 ID 00
59 Birelayi Inti Funds Qjixambouro) (1400)
gg 41 Assn* fcu 6814 WUJ mxawy
Etnpraa Easily ..5 ‘*00 798 0.799 08MH*! °-
n kMTMMriSm .IlfKiCbl 9884 loSl fl» 6-
(1400) F«r hwy A Sim I* Atonm
Kleinwort Beasoa Japmesc Warrant Fund
Ca Fond Intenutlonol to)
_ CBFdhH.. . * 516.24 I . . J -
- CaneMtore Myers ,lntul Fd Sicav far) ,
- SxemgThlakm Bros .JUO.Ol 1034 J -
- StalltaT1iiriuCitaA..JmJS 1187 -6.04 -
' USSTtUnkmaoM JS10 63 10 47 . -
- 1)35 Thinker* Growth. 151147 12.15 *6.0ll -
Z CJtl cn r^ Inywtmtyt Mgnt^Ojix^m^rp) SA
- Credit Commercial de France ,
- EaroSnifrOMCUsSA ' *--*■>■»* 1 *
- EnroSirirCaCunB
- ErephrebgtaiAtll]
“ EorofYitfKaCBBiaE
Z Credit Suisse
. c& MW MHFdUSS.
_ CSHohq MklFdHI-
_ CSMooerMklFdt imnw arrooi uii -
CS Money MM F4Y*l.„ Y1377U 137717 !*> -
CSManSimFdEn. .. UklKUZ U«0 ul -
. cSM«wMktFdes..canii4a u«a! iuI -
d CS Moore Uks RISFr. - l5A?aiM H61M
11641 1
WDirem an. rnu m (1111 141 I to) -
Euraouo Eomua Ecufli ^ - GT European l
SSffi. . . DDk«{^” ••• : &“3S2Si
BSU E369 : ggBL
Unlcs Financial Services SA Lua gtZSIiu^
DG liweuineol Banli L d _ . GT AuslSnull Csv
UiricolnieXFuM .. DU70J6 72.50 300 GT Berry J«ur Fd
W tOU'ly Fund tui DM58 32 *12* .. 5 00 GT Berry Jap SUjU
'WINTERTHUR" Fund Hritant pa (Lira) SA CTBumebiitoiFifu
WIN Glotal InU Boon Ecu 114x* . . - DTBoooFwriltf .
SSKSIBt : K«
•reja,ar*-77 . i@gti
Stans HAV. -I $10.17 . 1 - GTHWuPfSteU)..
WlrruPUHAV J Ml- . I - GTioyauvm Fdftl
UNIT HAV . 1 S5L02 _ I .. . I - GT JiiOTE Curia
Yunolcfal 1992 OMNI Fund SKAV to) crMpSp
NAV. . IS947 10.031 . | - GTjigkunAOr.taJi
lUHJQ 169081
00987 204388
as stattM SS'P'SBiHwwa n^-jsar
3l98<M 98 99rim»l*01219 78 52tWABEfl»_.5CE4 97 25 60 2723 .. . 1J Kllinwgrt BeSStn Select Fund ta) nuSuhMPw
For F octal Securities see Fitom Fund Ungni
Formosa Fund
NAV July* NT51 44787 IDRralue USS79 38D
Formosa Growth Fund Limited,
HAV . I SID 72 I I
Frankfurt Tract Investment -Gen I] H
FTlcterslnt. _ _ TdmcI 00 0223
Fiar.kft. Effrin. Fd iOUibUl 170 01 I
Free World Fund,
HAV Jon 30 _ .. .1 $72.10 I .. I
The French Prestige Fund
NAV Jrei26 .. 52521 I I
EaululenL . FFr13290 I . i
Futures Fund Mngmt Ltd
GJHHlgh-lntanio. ... 16 0 16.4
Gniainc . S0J8 0*1
GoWAoswiaiJai . $0.46 0.491 1
GT Chile Growth Fund LU
HAV Jn 30 .. .. 530.74 I .1
* GT European Warrant Fd Mnga (Lux) SA
“ 6TEnroWntOT. . T 5603 1 -0 071 -
1 GT Management
- GT AtajledSelme. ..
Man Internationa Futures
MINT LJMIT£0-0rt S46J2 *4 06
MINTLIMITEDHik 515 JJ *134
UNTUDLID-50K.6S . £2584 *2 33
UINI GIO LITMK. 1993 523 0* *2 04
BUNT CT D LTO-Ju 1994 £1889 *172
HINT CTO LRHVClOW 51*44 *1*
Uil(T CTO LlDtoM 1*45 . 514 05 *1JS
HC.mjvJfulWii 310741 69
aurcitifadit/ireaj _ sio74754
MINT AliiOIf Gid Lid 5122 *0 *1101
FBUE MINT CTO PLC 5123 30 *10 8
HInTSsRoLUIMPi $93.44 *3 23
MGA Pacific Lid Ail 23
fcieu DM3 Fucrei LU SB 47 toll
lUouBamnreaCtiTLM 510 81 *0 55
Nttrii-taFiiaiiauiic 59 9b to 38
lnraCaiirar:rtliSEs_. 5«.*4 to 45
AtnruGuFinms 54J4 to 03
AHL/A8N . 344 44 -2 Z7
U« EnraOM 199t Ud 5*11
Maverick Interaatjonal Fuad ,
NAV Juo 23 5109 9* I . I
For Maudlin Fond we MFS Marriur Finb
Merrill Lynch Aset Majugement
D:IUr Ahms P'folio SI®
Prirar fate Pon lalki I £10 00 I I
Lime Dragua Fund £25 07 7
PniiiBpneRraewi Fa £37 te 3
TIcurFuna £3*24 J
JJMuFuimi S14 0A 2
lore* £4 48
Oi.reiui ln< Fund 521 94 2
Pacific llteSA £ I.-I £8*4
Panic PnySA DM (:* DM24 45
Piclllc In. Wm £ -ci £3*4
PifiiaimWiuDM-u DM10S1
eat Maaagmeat Lti
1 58 42 9 8410 to |4
£M0* 3L5630 -079
54 4* 5 2080 -0 01
S2 07 2* J2» to 39
£37 4o 34 JIM *1 37
53*24 38X620 -0 47
£14 8A 20 8120 -0 1*
$4 48 —
521 94 23 0370 -0 X3
£8 *4 9 07 to 05
DM24 45 - toll
l _ GTA&EjmFSUl
{ _ GTASIlFdlU.
GTAUa Sire iloritf
GT Aouralu Foil}.
GT Aral Shull Cov .
JOT GT Berry Juan Fd Ul
,s OT GT Berry jaa Slljla..
SA G> BloudHuFolij
- GT Bong Fond ({] .
- GT Deoreeiilaifl Fd (1)
- GT Donor F# (i).
ich Aurt Minagement
'■laiiof SJ» |
ILuai £A Uerriti Lyocn UnfrTtm WorM Incaae Par
^ - §ss -. . ■ . T ns r
-0 03 - Merrill Lynch Guernsey _
to 16 052 India FO NAV ibl 2. T UB I
-0 18 189 reaenCroUroJIUYdtfl M*«
-0 15 201 LEW teg 0<llUJx.2t . 510 05 I
-0 21 2 02 Eun. 57410 NAV Jol ! I 39 74 t
0 3* iFcrrolorruliononlyl
17 . Momentum Asset Mgmt
WarMlnsHK Partial h
59 67 l-O.D.
$« *7 I to 0,
TkiiLwd |£G4J -| toil
Ualsnc 510 -W -I to Oil
NfCDiictla 1 5* 28 -1 *0 041
Tkomloi Talma Food ,
Eoulif inToire . I £10 25 I
EculiiGnMiti 51130
(Jouriite . I SID 00 l I
Trans Global Investments Limited
Tran Glotal lot Ud .15122.44 12*121 to 07 1
Tutor BV1 Futures Ltd
NAV Jol 2 ....T 510045 04 I *75821
Tudor 6-5 Ltd ,
NAV Jul 1 I $123241 I i
Tudor 6-5 Unit Trait (Japan) ,
N4V July 1 . I 595437 I I
Tyndall International (Bermuda) Ltd
AmSMri$IUrv4-|> .59 90 10 40 to.65
CjWui Preuetlon U12 58 13 22 5 86
Earobond n2-li 512 8* 13 £2 -0 0) 4 ST
Money Ul *13-11 *12 40 1155 *0 02 2 3J
Mortgage >r< CS18«14J7 *013 10 02
Nona Aouncin n>-l • 51147 120* -002
Owrieai nl-li 514 13 14 Bl to 03
T.gre iOI» . £1189 13 SS to U
JERSEY (fl EG ULATE DH**J
Offer ♦ or
Pita -
North A«Ew-.5LK« 47 2SU 2723L . L2 Kleinwort Bcsstd Select Fund to)
CMI Asset ManagCrtKAt UjndmbBtug) SAta) EnereiogAiu . to- io i«
303 Italtd- Artec, IrllMLn ^ 010352458825 . to- LS 1»
OU Maoasad Porttolk ltatshrent.CutaMy. , , tef ratal taol . tore rii in
♦OT VMS Sritg^dftrttefldF-i Sr
6roo Growth Pmfolki F... ) f-
Eattnrfae nrdcllp F.-l Er
OH rental Nataok tad .
AMjriMH EaoHy. . *£-
Q(1 BeoHoi Egoll) — . DJI—
2S CtaaSlaaEqaHy. . <S-
22 StaiaEquily- . 5-
j9w}f || Fiandl Eoalty ....... FFj-
3Z pwreanEuutty-..- 054-
Barclays Inti Funds
Currency Flux*
Sterling. . _ £2268 9 0
USQclLtr . 532-11 . 20
DwuthrnnriL DM58 45 40.02 B5
Yu . Y416I *0001 35
Mriugeg Mrittaarreq. LU20 1367 -OJB
Vnuowuuluereicno - S25 77 7* 68
AUU SdRtla Fatal _ '
Wra - - - . £10*67 1X228 to 130 0 0
riong Kong. . . £25590 26 437 to -591 Ul
wwreua . £4 683 ial43 toX^j 00
IWrtJ . . . 59J2& 9.811 *0 345 0.0
llalMkb . £21 8*0 12-481 to 003 00
Jre 0.983 1026 ■«» -
E- 0 841 Oifo 4UB
fr 0 767 0838 -HBU -
UlUoEnlty.. ..
00 JcMPritEtaHr.
VS Nordic EaulU —
ft 8S«E* ■
S9 Jffl 9.811 *0.4*3 UU letSC
JfAUvU ... . -,£21800 liffl* to 003 00 Egffi-rim "
PCMllDtrinn . .. .. U69g . 63 tatoWtaStal
Stafjpwe flt22o uautoon 00 SSEtSS!.-
517*75 18*05-0;
19.690 10. IS I tot
nun usd . . .
Sawn East Aim.
U5 Dollar UoaUHy..
Catw Allen Inratmcfit Manage
CAGin IpeeiM- .,_T£fc© 6.73
CAGHl 6 Fuurrt .. .1(1045 1122
CAEou.fyGrith Jtj 72 4 09
Brith*. - . Eta- 244 2J9 ....
ta) EnerfingAila . Bare IK 143..._.
823 European — to- L77 1*....
Internal HraJ . Eore 161 lH ....
- Jaiuresc - - Eta- 1J6 L30 ... .
- fctfUllIH world .. .. FM- 1223 1297 _
- Worth Amcrkdo . - to- 1.43 2-65 ....
Poclfle . Eta- 169 lio . .
16 Dollar Bead . fr- L99 2JJ9 . .
J6 Ktwtallooal Boob . . Ecu- 200 2X0 -
j* Mreiwtlflaal Band . . I Ew 200 2X01-... -
- droptao Btori ........ I Ecu- 2.81 2.95) . >
as CriwartUtaBend Eore IAS 19* .... -
08 Yen Sued . I Y-IJ6.M JS3ri9l. ... -
- Latin Amerlcu Mamgetneit Co Ltd ta)
: SsaBW'l t tta h::\ :
.54 Liberty ALL-STAR World Ffgllo-Eqtjf Fdta)
3 VST!*™1 TV MW!'
» Uovds Bank Lmarabourg
- 010332*022121
CSHorey MklFdFFr
.1 avse»sv.
- CS Prime Bond 0MB
:
- CSSkrt-ToiHDUA
- CS Sriit-Toi 3d DU
ISKft
■ “aasai
Valor
JU 1 Canadian Dollar Odi
U8 s«m Franc BOMC
l66 DnOChf MwH BoMI
1062 Fiaotfl FrbK BPOM
218 Stctlipo flondj
9 IWD1W tof.faMl -V v CTCuriiCm*ll>tal.l
(WWW AMI un* London w£SSSmt&£(
Fuml 1 ( CTHpngKwgFdUl
•| *W-A? I " GTHWuPfSwu)..
J JJA-, . ( “ GTiovtworaiFofu
.. - I SSL 02 I . I - GT Jaa (FTC Sucki
'92 OMNI Fund SICAV ta) ctjabSmemui
(S4 97 10.031 . | - GTjigWMAOr.taJre
GT Korea Fdlr) ..
CT Ljtlo Amrem Fa iol
: SWITZERLAND isib recognised)
GT Tara »o logy Frill '
dss pffi Ki5*.n ’Si nm
. >r Gala Currency Fi
^ 0.01- I -1 - fswr ilsll
^i= 7-»! BSSlSSSaMB^JW - TheV.rtn.mFuudL.mlUd
g^ !^T!.s!M!HJ.P^irr,F.^Hy XTTW11!
- Natlwul. investment TrustCompany Ltd Wardley Investment Services Lti
40 241 *M liHHreliltaFariUd T S9.SM3 I I - VKWIraST AiUTn. $1*44 17J5
35 is - fiSBBST S/fc lid
. . ■ North Star Fund Managers (Cayman! Ud intniGroaiinFd Isus? 14 2*1
■•in hweaFutf . IP 10315.0 316 01 J - Ul.ll, c._— |> c IT E.. nil
it Services Ltd
$1*44 1JJS *0 0! ose
£3 3D J50
S12 07 12 70 to 0*
£5 70 6N *018
Has) I 47 U li -0 07
mil *o os
BJ.A. Bond investments AG
8 Bairtm mat CW.J01 2*g Sultan ua
Borer Sl Sams A .7| SFreBUOO 8440 0
BcrreSI. Srelrt B I SFr- MID 894g
i-r
Gaiitftdgcil .. ..
Gila Hrega III. .
Gau Gid Erma ),- ..
CsiaGtdCfrHyil .
Gdij Sain rronc .
$228.98 232 79
S40J7 41 20
£77 74
179 M
STrfl8J2 0912
-0 09 - NAV ... I 50-32
. _ ~ North Stir Fund Muisuera (Ca;
?'$ iwaFirid . DKi315.fi 316 0
to.10 IJo Law Wsk Fuad Ur2U0 2410
■ High Pert Fund . DKiMBO 299 0
I Buns Fund .. OKrlBZ.0 1830
Scund kaa ftu Fd Dnrl970 196 0
_S ~ Sramd HigiPrefoaiFd DkrZ310 2320
to I* - MludliAi Fd . &H1*£o 167.0
■met FaiDyauhi DKM42 0 143 0
- MtePirf FdlCarioanl ... DKrl57A 1560
- Bead FdiCaynui) . DkrlOO 1440
- Mlirdfd iCayman}. .. DMU2.B U38
- Hig«S«uriiy Fd Ddrl57 0 1580
- High Incsroa Fd . £12.7 U.B
ilia ND DfilbrGrtmUFd.. . 53 41 142
ftTLiro nerrcunac cuunc - SSSJKffc it?
OTHER OFFSHORE FUNDS ^F^vumtniM usfcJ£^.,,^$irr,F"5o
Chile Fd NAV jga 15 ?! 29 6* - PM&mrg . Uisj 154
tjrorgng Win Jun 30_. $- 21.42 - BSShnur" .. . DII1«D St
Bid Off* »cr Yield MS? “ JamhwYH'. YMnOO 1470D
fan Price - Btoh GtadarFajiinSO S- 1481 PanlihKrsrar . iButiwn w»n
Salu Franc
Franc* From . ..
Sandlin K row .
rsfiMw" ; Oalm Japan Em Fund
L04U4* - DJhuJaoubni. 15721 7 J2 1 to 0*1
fm U55* - Daiwa Japan Small Emiftgr Fd io)
U21Z9J3m... - Dritt Ja»u Sniil MM 1-0.011
202 27
4*81 ll)
omen son in
520349 20750 Ul
«7I* 9909 US
w«M irau in
DU96J6 10X00
i Pumi
57-21 TJZl to Hi
aid Off B *■ or
Pric* Prict -
ATSP Management Ud
PklUpriimUH Tim faoity Fred . .
NAV Mat 31 r 52183 I I
AMmrt Fund Hngrt (Guemtey) Ltd
TlwNn AUa road LU,
HAVUS$fdlliU4i 5-
UVaSSkMHIttaJrirL I $7 3* I .. I
Adig Uwtrtmwt ,
Ariranu . 1DU2166 22M to 01
Adlarrw . jOMHO.OJ Wffl -057
Kk ]D«n74 1533 -026]
. . I OKS*.)) 59 U to.szi
Chile Fd NAV Jen 15 ]? 29 b*
EnergiagMMJunB-. 5- 21.42
Ylttd MnayiukteUJUlO. [5- 10*9
taBH Ctador Pdjun 30 . li- 1481
Gcrtmt SA
Samaral Partfall*, . ISFrOUO 37»l
Global Asset Marta gem wri
- GAHarlU . £24668
CAM Artl Inge. . £310.35
GAM ASEAN .... 3239 68
GAM 4aiirallf . SUt-M
' GAM Horton. . S308 87
- GAM Earapeu ... . £9751
GAM Europe Fl - . 57893
: SSS
- CAM CAMCO Told ke . S194 08
- GAM Glotal Fd . $11121
$14 9 15 0
£15 J 15.4
DM14 0 .150 0
314*00 1470 D
Bar 132.0 15)0
SFr 1*2 0 1*10
FFrl48.fi 149 0
SKK77 0 90 0
- Northfleld Interaationai LU ,
- HAV Jan 30 . ~ $10.09 f
I Old Irtmsidis Intuiutional Ltd,
I S(d iromlaa May 3L 1 $9043 I
_ Omrga Overseas Partners Ud
_ taaOasdTruiBk.T- $107" 1
- Optima Fund Ma
- totals Td KM Jw 30
- Octal FioTj at* J^u_
- MoiimfiewMia
*!$>&
31163
310 19
- Wellington Fd Mngrs (Bermuda) Ltd
IrtnlGroothFd 151J 5’ 14 2*1 I
Z Wells Farm U.S., IT Fund
- wills Fargo a Shsui 31171 to 02 -
” Wells FargaB Shi id J $11.0* I -OIL*
- Worldwide Limited .
- NAV Mm 29 1 £9*14 I .1
- Xlphlw Interaationai Investment Fd Ltd
- XnuuatimUSO. j 51M1U | I
- XitfLic ImECU . . .1 tcul 027^ I 1 -
Z Vamalcbl Capital .Mnunt (Guernsey) Ltd
- Thai Inv Fand . I £1015 I ...I
I MANAGED FUNDS NOTES
Price art la prner antecs nuunriu Indicated ihd Iheu
- dct iccjtM s »pn m praiii niff to u $ eoiicr. yi? ic; • *
- rikro for *11 buylag nttr-jn Frier* of rrruui didft
- inurjrcr iitaad plan 'uBird id uplul B-iiir- U: an
- uihH Dirt'itudlrii fm ef Ut urn g Pcrisii: .wiinc*
- MarJ-erpUn »SbiBirprrini*-n lir.ijijKi ■ Dr crp'.rd
- Ui Liireniy u a UEIT5 lUndcruklngi re* CtiiKtrirt
- inurnmem m trdrofnielc SccmUifl!. • Otfmfi cri;r
- include! all erpreiMK ncrpl joeril ! unmifiian 1
hrer'Ous tuy s Drier H Cumvi areu * Sennit; •
. Yir m orfore jmfy ua 1 Ei-foiBliiMofl 1. 5ns iiaiunir
u ehipiuhir Mil*. ♦ view tala™ ihg*-. .tmu.’nsra
ram ei hav men au. ad n ducrad
" f**t Funds not SIB magnlMd The rrjaLiurr Jilitnrn ir,
far fhHf lands arr Gunntr Financial Smleri
- Cemulyilar, Irilriri Ctelral Biul of lirljrJ. (jJ* al
Man' Financial SuDirdiion Cjnnu-.jcn Jem,
- CairitariUI Rateflem Dfp*nnH«|. LkiuulUuig (n-rilal
- MtaKoi'c UucmliPv'BcPIl
f
V
32
CURRENCIES, MONEY AND CAPITAL MARKETS
$ FINANCIAL TIMES W£DNHSDM^JLY81992
MONEY MARKET FUNDS
r
FOREIGN EXCHANGES
FINANCIAL FUTURES AND OPTIONS
Dollar slips to 17-month low
UFrtUW QLT FVTUR63 DPTWfS
ESQ, BOO Mb si 1M%
L7FE IB TREASURY MHO FVTUKS OFTBWS
SWMOOMttesJlWN
unti»Jrtnmi£s™«
MGSO.M mUH «*1M%__
THE DOLLAR dipped to a
17-month low against the
D-MarK on the foreign
exchanges yesterday due to
technical trading and continu¬
ing bearish sentiment over the
US economy, writes James
Blitz.
With few economic indica¬
tors due out of the US this
week, the currency continues
to be overshadowed by last
week's cut in interest rates and
a feeling that the economy is
into a triple-dip recession. That
poor sentiment was com¬
pounded yesterday by the lack
of any supportive comment
from the summit of the Group
of Seven leading industrial
nations in Munich. Indeed, Mr
David Mulford. the US Trea¬
sury undersecretary, said that
the final communique, due out
today, will contain no “detailed
language" on foreign exchange
rates. “There's nothing coming
out of G7. That's why the dol¬
lar's been coming down for
these last 4S hours." said one
trader at a leading US bank in
London.
The dollar closed yesterday
at DM1.4S80 from a previous
close of DM1.5130. In late
American trading, it was at a
new low of DM1.4956.
The question now is whether
the dollar will sink to its
all-time low against the Ger¬
man currency of DM1.4430 set
on February II. 1991. Mr Mark
Austin, chief economist at
HongKong and Shanghai Bank¬
ing Corp in London sees the
dollar at the centre of a battle
between two groups. “On one
side they are saying that the
dollar is cheap and now is the
time to buy. On the other side,
the feeling is that the US econ¬
omy is not recovering, that
political uncertainty is increas¬
ing and that the thing to do is
sell.”
The lack of comment at the
G7 meeting also had a negative
effect on the Japanese yen.
Investors bad assumed that the
G7 would openly support the
yen to reduce the huge trade
deficit that Japan has with the
US. In the absence of this, the
yen lost ground to the D-Mark
yesterday, closing at Y83.02
from Y82-25. However analysts
remain bullish about the yen,
expecting the Japanese author¬
ities to introduce a mixture of
a fiscal boost and an interest
rate cut.
Sterling was again the prin¬
cipal loser in the European
Monetary System. With no
indicators issued in the UK it
was again dragged down by the
dollar’s weakness and finished
at DM2.8850 from a previous
close of DM2.8900.
The currency is firmly at the
bottom of the EMS grid and
some dealers fear that it may
soon reach its permitted lower
limit against the Portuguese
escudo, the strongest currency
in the system. Although the
Portuguese authorities hinted
strongly at an interest rate cut
on Monday, there is a 5.97 per¬
centage point divergence
between the two currencies,
compared to the permitted
divergence of 6.18.
CaUnetttanrats
.Sip Dec
PeH-MtUemW
Estimned rota nut CaUs <363 Puts 1882
Prettot day's opmi*- C*Jb 56580 Puts 47 120
Strto
Prise
99
Pife-Kttlmnts
(UO 0-62
Strike
Price
8tf0
CiHufUtewiU
l3 S
IDO
3-03
2-56
0-17
1-20
5700
1.19
LB
101
2-lb
2-19
0-30
1-47
8750
078
L37
142
W5
2-15
8808
0.46
UC
1-W
1-23
1-14
2-53
8850
024
0.76
104
0-39
1-03
1-53
3-31
8900
0.12
0J3
105
0-22
0-49
2-36
4-13
8950
0D5
036
206
0-12
fr»
326
4-63
9000
0D3
024
Money Market
Trust Funds c™ T*!t32
CAF Money Mammwt Ca t LW
48 ternary to»A TatorMReTlOilD
t - M
DmAiOMUatiljjaa.. BJO
420,
s«ei
7
1A
302
Nia
07327711114
-J 10 22DHU
-I iOJZBMtft Jj
SSSSuonr Stfiii* :i in « -I mojsim
6-Ult
III!
Efllmu rata total. Calk 75 Puts 0
fcwtaB day's ®w **- Calh 3700 Puts 2570
WO OJB 024 LW -W0 Cent. M. of Fin. Ctarth Bf Ewlmm , - c*th & Cc "
. 2F«reS«KLtantgYSAa mmmw-
PNriCM daft open MLCalh<lU4Q PtfeSSZM .Owwtt. . - ■■■ l 4<0 Strand. UMoi l
UFFE EUftOMMK 0PTIDHJ
Wire psMs at ISO?.
UTTEITAUM GOVT. BBK0 IBTW FUTURES
Un2Btal9BfciH«%
UFFE SMUT STERLING OFISMS
£5*66*9 paWs at IM%
Damn
6*rtmofe Msney
telB Monument 5L La**
TCSSAOe*
£tri»
Crib-KtUaxflts
Ftts-mUenert
Prta
Sra
Dk
SCR
Die
8950
091
L18
0
D.01
8975
067
094
0.01
018
0000
043
0.71
0.02
0.04
9025
020
0.48
004
0.06
4050
0.07
a29
0.16
0.12
9075
002
0.16
036
0LM
4100
0 01
0.09
0.60
0.42
9125
a
005
0M
063
Estimated rausoe
Leu) Calls 1570 Pits 270
Sofia Caflweulerinrtj PuKmtanu
Prrrira day 5 <nw tnL Calls 82219 Pots 58066
Wee
TEC
MB
W0
9500
*50
9600
9650
7700
3§I
180
142
LOS
o.n
034
637
024
Dec
2S>
247
2U
L77
1.47
120
0.97
0.77
6S
031
0.43
059
0.30
105
1.75
0k
05b
068
082
0%
1.18
1.41
L68
L<*S
tw
Estimate tofme total Calls 2005 Puu 2099
Prtteflday'Jcpen httaUi 24749 Rets 26623
Strike CalB-settlmms MHMJtmnts
ft iS ••
x.„ 0.73 0.99
8975 650 076
9000 028 035
9025 0J3 036
>)Q50 0.05 021
9075 60Z 0.12
9100 691 606
Esl mated iota toU. Catfc 3023 pat 793
Parlous day's am rrt Cans 73032 Pus 63658
0.01
o.®
0.06
036
033 .
035'
<m
0.01
002
004
0.08
034
024
440
OS
Call Fed . - . ,
7-day fund.- . . i
Wil Food. . . .
Dollar - . .
TESSA Prim. . . .
tesapiui -■ -
TESsaSaier- ...
9.93
10.04
10 04
IS
!m
. 4*0 Strand. Loodai nOtOOS
ud PnayrMwlnwamm
800 -'071*2361425 00.000*.W. — r.~
. 071B69362 £@1000-149.999.
t Nlfc
071-753 JDOJ
744
7S
753
156
1017,
1029'
10.51
416
?s
8 80
83
7.6_
7 06
£32 Ov
- *5 7 85 £
t » 7 14 gj
nn«
6 075
...ai 7«i-s
>■- . 5 11,1 7<el Qlr
Money Market
Bank Accounts
W»l)t MhaHNAhMtodMiHn
OaiOnftw A Co Ud Iorastneit HICA
LONDON [LIFFEJ
CHICAGO (July .2)
9% POTOWAi BJtrnsu car
£50,099 3 2«6 «f 180%
Qcse HU tew Pm.
Sen 9946 99-10 98-31 99-04
Dec 99-10 99-09
Estimated rota 27010 C9376J
Preite ta/s opw i*. 71074 <68976
JLS. TWASUKY BOMBS CtT) 8%
SXM.MO 32b6 (f 106%
US TREASURY BOMBS 8%
g«iQ*o 3z«a «r iw%
HU Low
102-.il 302-19
Ora
5w 102-25
Dk 101-18
Estimated fwume 1476 594)
Pm las <t*fi open tm. 2614 (2S3U
Pm.
102-22
101-15
is
SE
Mar
Jmi
£
dm Him Low
102-20 102-31 102-18
101-13 101-23 101-11
100-09 10016 100-08
9946 99-12 99-05
96- Q3 96-10 96-03
97- 04 97-06 97-04
■fc-08 4«r08 9608
95-15 95-15 95-15
44-25 94-25 94-25
94-06 94-06 9406
P«l.
102-20
101-12
10008
99-04
9802
97-03
96-07
95-14
94-24
9405
JAMHESE TEN (HMD
mAaSptrnOO
SSt
' Gross Net
AlB BanJt HlaO Interest Chain Accauit
aeWW,«rfe«KUa815* S4T|osw^
"'. laJ6
TidBflt]i Moneymaritet Ktstnt Arcowt
FUMUsr PareWa Smlws LU- Oauui Nom-
MCr - HlldadMWUl. taw mnw”
6-271 8625 1
twr nhb um Pm7
S» 0.8046 0.8067 0^000 0.0029
Ok 0 8036 00057 0.79B7 0.8019
AHkai Hume Bxak pic
30ayPpad,£aY2AY ^
Mar
0.6036
_ _ EQY2AY.
TUaiarvAK- ...... [ai
sssas&%J!i
MKbtotCfct 00,600* 13 93
. tS-M9,944. . .( _
Tsr ?iii
£50a.a»rM«y MjrM Ram dr nquet
Garimare Manor Manaffemcnt Ltd
1A-18 Mawaa* SUmJw EC3ft OOQ
fc3js m nrwiiriW
%m i ua •■ft. S«* «wm ctmiM As
oEirrecne madcoiuo
BK25.0M 5 per Ut .
Allied Trust Benk Ltd
gM^a^5l%■07^0^,,
US. 7KA5UKY BILLS QBM)
Sin pikis ef 1M%
C IN NEW YORK
EMS EUROPEAN CURRENCY UNIT RATES
A
I
JiTlr 7
Close
FtolOus
Close
e
19327-14337
l 9105-1 9U5
P
1 14 [ lim
I 14-1 12om
3 13-3 10to
30l-’9gom
'J
12 IPO «fC
10 73-10 63
1037-10 27
F .jrwarf premibiir, and .llzowl'. JPSly >0 tie US dollar
STERLING INDEX
Jl* 7 (
Pie*i*rs
e 30
931
?28
900
am
930
4Z9
10.00
930
92.9
1100
am
930
<C9
93 1
929
100
pm
931
930
:oo
430
43 0
300
pm
930
930
*00
om .
930
424
1
Ecu
Central
Ibte
Cm gin
Amotuits
Against Ecu
Jul 7
*.(M9t
fro/n
Central
Rate
•a Spread
<n ft sate!
Currency
Oirergeece
ledtcaur
178 735
171571
-4 01
6.08
66
133 631
129330
-318
5.18
54
424032
42 1532
-O 99
2.43
27
2.05586
20*748
-0 41
125
24
231643
2.30814
-036
219
16
6 84509
6B9084
-0.06
L84
2
0 767417
0 7b8005
008
175
-6
7 8*195
7.87403
0.«l
141
-20
lulu* lira ..
1538 24
154701
037
L25
-30
Stertl*} . .
0 69690*
0709654
18)
000
! -»
6N NOTIMAL Bsnuui GOVT. BONO *
OMZSiAMO IHte «f 118%
Sep
Ctos*
96.73
a
Lev
96.71
Pree.
9670
□ra Mte
Sep 8832 8824
Dk
9651
96.49
96.47
Mar
9637
9638
9635
9633
DK 8854 8866
Estimate wta 30800 (23946)
88.54
8847
96.0B
S9
Ora
05639
7BT
low
0.6503
—ps:
05537
Dk
05M3
0J*49
0.6490
86442
Mar
0.6454
0.6465
05425
0.6309
Ju
0.6381
‘
86284
PnsIcrTESSA . Il23>8
Anwrlcan Express Bwk Ltd
Sumattwt. BowmHUI
WhSoM. BH 15 9* W 0444 23Q230
THMCZ-MBMIM EUKHMLLAMQMIU
Sin poUts tt 160%
Pm Us days open lot 101825 005273)
6% mmotUL LONG TESH JAPAKSE SWT.
BOMB YlOfltn IBOda el 109%
BBTTISH POUND (THfl
fiprrt
%
103.
as
dose
103.69
10339
Estlnated teluair I960 1798)
Traded ocUsltdy as API
Low
10354
— — Pm.
Sm L9104 1.91ft 18986 18882
Dk 18S20 1.8830 18704 18602
Mar 18570 18570 L8550 L8358
Ora Hwi
1.91ft
Ora
HIgfc
Prw.
Sep
96.42
96.45
96.40
9639
Dk
9652
96.04
9599
95.98
lAar
95.96
9596
95.93
95.91
Jon
9551
95.64
9557
9555
9536
95.18
95.08
95.06
Dk
9456
9459
94.48
94.46
Mar
9435
9430
9*37
94S
Jan
93.96
93.98
93.90
93.88
C500-E944 _
pKw'' '
i tioo-mw _
“l.ooor..
LOOO-M,<m.
UB0-C9.994. .
0.006-04.999 ....
1000* - _
JuliwHod9e Bank Ltd . .
g
■ ■ • -• ' -.1*0-30 7i8 10.9*! to
14,*0+ - ...... 110.00 ' 7 wl tojai ■ £
Humbert) yde name Gram
„ SffTf
uw LasnM Joseph A Sara Limited
Mg ' 29 Orntaa Stmt, Lnd»EC2V7EA 07I58BZ323
| s
TOdawort Benson Ltd
«■ «
hS . Uoj* Bub - iRvedmeit Acremt
MO njgbnd S^'LwdwJPgP 385 , 027ZO*«»
SSI !S(
9% Mono HAL ECU BOND
EDJ ZM^M 10WK if IBfl^
SWISS FRANC amu
Sf r 125,001 S per SFr
STAfgAM A P90MS 5M TOPI
Bub of Irtlud High btenst Chem Act SSkSSST T - J>. ’ T If w 5 Isi . 7 «
Ecu central me set by IM Eompcan dmmKslon Conwdet are In descending reUlNe 5lrf99Ui PerrartAje chanyts
are lor Ecu. a pOtiUR cfiaoqr denotes a wen currency Oiwqott Sbows the ratio Between tm spreads: the
percenu^e drttemce between the actual maria and Ecu central rales for a canny and the maximum permitted
percentage deviation of the currency's martrt rale from its foi court I rate.
Adjustment calculated hr Financial Times.
5(0
N
A
Case
100®
nidi
Pm.
99.92
Sffl
See
Mar
Close Him Low Pm
0.7391 0.73m 0.7327 07310
0.7295 0.7300 0 7230 0.7217
0.7215 07215 0.7155 0.7199
&
Mar
Ton
Ora MM Low
407.95 416.00 407 80
406.45 416.60 408.40
409 JO 417.70 409.30
41080 418.90 41120
414^0
414.90
415.80
41780
Bant of Seat! and
3B TVeaMedleSLEClF 2EH
W<MtoC9»dtM4B.65
C2S.DOO. _ 38,88
_ _ _ 0742529394
Eafeaa-4ctBOO0K.(01O bjn\ 8JS|4-Bb
6446 BSLl- 'd|| • ifUdtz
KS WC.-.irJ» . 7tn siste
NatWest Craws Reserve Actoant
Estimated ml ume 0 (01
Prtnom day's ope* tot. 0 (0)
POUND SPOT - FORWARD AGAINST THE POUND
Jul 7
CURRENCY MOVEMENTS
Jul 7
Bank of
England
Irifei
Morgan”
Guaranty
□upges %
alerting ..
930
-141
USOolte
605
-17.4
Cmadte Dollar . 1
982
-34
AusInanSdiilllng
110 7
*126
Belgian Franc
1125
-14
Daesti Krone
110 4
D-Mart . .
120 2
*?bl
Swris Frar<
108.5
+16 9
Duldi Guilder .
1155
Frwdi Franc
105 4
-li_l
Lira .. .
9*4
-198
Yen .
1411
+783
Peseta .
108 b
-17 7
1)5
Canada
Netherlands
Brig him .
Dramait
IrHmd .
Gcemairr..
ParUHJl .
5ms . .
lull. .
Norway
France
Sweden ..
Japan
Austria
SmuBtvs
Ecu .
0*1
spread
1 9190 - 19310
2.2490-13070
3 3450 - 32600
59 25 - 5955
110775 - 11 1125
1.0785 - 1 0850
2 8825 2 8900
240.85 - 24250
18210 - 18271}
2178 25 - 2107.00
112900 - 11 J 300
9 7025 - 9 7350
10 4100 10 4525
23850-240 00
3027 - 2036
25875 - 2 6000
14000 - 1 4L1S
dose
1 9255 - I 9265
23005 - 23015
32475 - 3 2575
5945-5955
110975 - 11.1075
LOT® - 10795
28825 - 28875
241 30 • 24230
18215 • 18245
2179 75 - 2180 75
113150 - 113250
9 7075 - 9 7175
10 4350- 10.4450
239 00 24000
2038-20 31
25900 • 26000
14095-1.4105
One month
1 13-1 lion
045-0 Worn
'r Cjm -par
4-lqm
*2-lk«oJlS
001dM)02cptn
■ipfpn-par
13-42cdb
74-76dis
9-Ullredn
par-^oitdrt
cur-Vcdls
6 -l1] erects
lV-fltf»Pi
l-U-rtSrswn
Vi-itqn
O.01-0.0bcdK
698
472
0.46
050
-0.95
006
026
-261
-4 94
-550
-040
-Q 15
-1J9
595
067
0.87
-OJO
T7»K
months
3-10-3 07^9
2 60-2. 46pm
b-'atmi
9-*om
l>i-2bdK
0 Q5do-0 Qlem
113-131dt
24-2648
l-2bdM
h-lcdts
3>«-4Hd2s
13^2lS
12% NOTIONAL ITALIAN GOVT. 8«B UTF)
URA 200m lOOtks of 100%
PHILADELPHIA 5E WS BPTBKS
0U38 foots per £1) JriyJ
%
PA.
6.41
4.40
038
044
-fl.TQ
-007
009
-341
-2.68
-4 59
-060
-031
-L44
543
0-25
0.77
-048
One Him low Pm
Sep 95.49 9558 95 10 95 00
Ok 95 79 «30
Estimated mime 29601 (121221
Fret iocs day's open InL 43711 1450141
THREE MONTH STERLING
Ora
Hfrt
Sep
90.22
90 30
90.18
90 79
Oft
90 4)
9052
9044
90 V)
Mar
90 78
90.81
90 76
9080
Jib
91.02
9L09
90 99
9)09
Sip
9117
9L17
9113
9117
Dec
9U0
9120
9U6
9120
Efi. Vor
(tote figs, not shnmj
39761 142516)
Ptokw
■tar's am lot 205156 1210786)
Strike
Price Juf
1800 1270
1825 1025
1250 7.75
1875 525
1900 2-87
1950 L09
1975 0.26
12$
1025
7.75
5-56
3.73
242
1.41
Calls
27?
127
1020
7.92
585
4.18
290
1.99
Pws
Dec
1270
Jal
A
&
Dec
2.43
10 28
034-
0.94
Xn
823
.
0.65
152
•37-
655
003
122
227
532
5.17
022
209
327
663’
4.00
0.92
328
4.64
836
3.05
256
4.90
628 .
956
- - IW . _. J7.O0
ElO.000-dM.994 _ 17.73
£2Aooo*, _ lr
&
« 1
to«b uq > no we um ni 3/1 rns irr.ui wu orrencre
Pmkra day’s *o fume Calls Z73&8 Pm 22453 (All anwM
PARIS
7 to 18 YEAR 10% N8TMUL FRENCH MU MATIF) FUTURES
Uorpan Guaranlr
changes
_ England ....
Average 1985=1001. -Elites are for July 6
■ organ _ _ _
1980-1982 -100 Bank of England fade* tBase
Commercial rales teen loaardj lAe op of undos trading. Sii-manUi ton
10 67-10 57pm
aid doll
lar 5 92-5 87pm 1
2 Menu
DOLL
AR SPOT
I 5kT
- FQRWAf
1 — r: —
ID AGAIM
r~. — —
IsT
THE DOL
LAR
r? —
THREE MOUTH EVRM0UAI
Sim prints of 1DJ%
CURRENCY RATES
Jul 7
Bank *
rate
%
SSKOI »
Drawing
Rights
Emosean >
Cunencr
Unit
Sterling .
_
0 753472
0 70465*
US Dollar .
300
1*3898
136428
CaiariteS
585
1 72620
163862
UnslnanSdi.
750
153352
Bdgtan Franc .
850
44 4357
421532
DamsS Krone .
450
B 39141
7.87403
D-M*k
I 1
2.17948
2-047*8
Ckdcb Curlier
rrj
2456*8
230819
Freacb Fra* .
KTfl
734096
659089
Italian Lira
via
1649 75
1547 01
JaoanoeYen
375
179873
164517
Mornar Krone
8 55761
8.02397
Spanish Peseta
-
137 712
124 380
Swea*k.rwa
woo
7 8*281
7 40300
Sn-ss Franc
700
145198
183620
Greek DracH ..
19
266 036
250 373
irtstPum .
_
0817605
0.76800b
IIKt. ..
Irelandr . .
Cauda . .
Netherlands
Belgium.
Dm mark
liemm ,
Portugal .
Spam .
Italy.
Aorway . .
France.. .
Sweden . ..
Japan . .
Austria . ,
Swtaerland
Ea . .
1 9190 - 1.9310
L7690 - 1 7845
1.1943 - 12005
1 6825 - 1 7020
30.75 - 31 05
57450 - 58175
L4925 - 15130
125 25- 126 00
94 30 - 95 45
1129 00- 1142.00
5 8325 - 5.9200
5 0250 - 5 0825
5J975 - 54725
12365- 124 70
105200 - 10 6325
13375 - 13550
13575 - 1J720
L9255- 19365
1 7760 - 17770
1-1960 - 1 1970
1 6885 - 1.6895
30 05 - 30 95
5 7625 - 5 7675
1.4975 - L49B5
125 85 - 125.95
94.65 - «4 75
1131 75
50400-50450
54175 - 54ZZ5
124 35 . 124.45
103450 -10 5500
13465-13475
13640 • 1 3650
1 13-1 llqun
104-1 01mm
021-0 23cdlS
0.90-0 92cdis
16 00-17 OOcdls
3 65-3 B5credls
o.fli-D.azpttii
loo-ioicab
Ul 75 - 1132 25 Jll-50- 12 WlbSs
5 8750 - 5 8800 | 3 45-3 75oredB
698
692
-221
-647
-6.41
-7 81
-t>53
-986
-957
K272
-735
-7 06
-825
-Ul
-651
-592
730
3 10-3 07pn>
290-283sm
0-55-0394*
258-2 61dls
<5 00-48 004*
980-10654*
234-2366*
303-3 IBdts
714-2? Mk
31.50-33 QOdK
9 90-10.7006
84W 50d«s
1035-10.95dls
0.27-0.2aiW
15 70-16.7048
L87-1.904IS
237-233gm
Sep
tira
96.42
HI*
96.43
Law
96.39
Da
96 01
96.01
45 47
Mr*
95.96
95 9 7
95.92
Jun
9559
9538
95 58
Est Vsl time. figs, ra shows) 1916 120181
Pmfous day’s open toi 27283 (26864)
ftev
9639
(897
95.91
9552
Open
Sett, price
Chuge
HVBh
Lew
Ylekd
Opel M
107.78
107.90
■*0.16
10602
107.78
&79
123.043
Decemte
10836
108.18
40.20
LOS 28
108.06
676
33366
Mar 10838 1OB30 -tQ20
BU dated rata 134.108 Teal Open leUrest M/A
tntt^a
10838
■ 671
43»
. . . Yhartr PimiDdal Bank PL£
Barclstys Prime Areuast HXCJL - : »«fcrWritrfndum aeppre- 0619289011
P0 Bai 125. Moithapwra -niuutMmwr. HicXto.000^ 1825 5J.9f 8.57T Uih
.0U-i2.4n_.: rTiCso' 4M| .Ubpfc Jtgyg) Bank bT Scot) and pic Premium Acc
II if | dwr
6391 8511 Otr £25M0-r4»«W. . 8.60 . - 645 BBS
BcMhmvk Buk PUB Premier Jktcaont ‘ ^95° - B» 6do sa
33J3 52.000 -ES. 999 . . . 1 7.23 544) 745
otr Sove&.Pnspcf/ltotaft'Flemim
% SSSSf^^%'^
Brown Shipley & Co LM TmAFtadiym^ l*
FotadtnCort. Lcehtwy. Lawdoo EC2 ‘ OT1 -6069833 TESAtf»Mbte . 1934
....rrTto 6w -8.«r ojr s»«rfta»BiJib4Tf«md
SfiSlii'K5 “■ BSIIHS
Cate Allas LU . . “Sf-*"
25 Blrchta L*K.Uwd0fEC3V9DJ ”, 071-6232070 KSfrtmVm^
ayi'O.'0i»mhC(9U fcS ‘filSS 108373 6 281 00 Ml to
TESSA. _ _ _ J9^o -| 992i 41 tf) T^ESSA. -109 00. -I 09 30 1 Qir
CharterbA use Bank Limited - ULC Tfust UmHBl
1 Patanomr Roe. EC4M 70M.
ms
tan «47»
THREE-mm PD0R FUTURES MATIF) Utorts Utste* MM nW
■tsoodag.w^M
£20,000-649.999_-..:
ISO 000-£99.999M
641
6 45
-L92
-615
-6 02
-7 0
-6.2
-956
-9.19
-11.40
-7.01
-6 70
-706
-083
-614
-560
689
three mhth edmhaax
8M lm prints *) 100%
September 9035 90.15 -0.03 9039
OWBlte 90.45 9044 -0.03 90.48
btarcfc 90.76 90.76 4101 9278
Jim 9099 90.98 -0JB 9100
ESUmud rata 17,928 Total Opes Merest 68.871
9034 922
9042 ' 953
90.75 9-23
9298 950
34486
23.616
5.413
? 4in -
aou.oaoe _ _ _ Igjo
BSJJOMM.W^..... L73
550.000-59*299— .
lLoh.OOO-51il9.999.J
' S2D0.OOOU.. _ _
8-75
9.00
935
US
_ jta.
Many other correnctoi are ataitottto- tor rate* ptoajc
' !en2U8
A CL ..1(78625 647 0«9O(
. _ .. .108 50 6 J8 00 771
(Oa.OOOe.. _ (08.T5 6 56 OT.Ml
tor . 1 08 375 6 28 0064
... .104 00 -I 09 30 1
. . net Limited ■ - - •
Mu United DmrdnloiK Trust Ud
52 PO BW135. taySt. Petal Ml 3EB OW5W4U K
E1.1XKK*™ _ „ - 7ld9 1 9.741 Orr ^
2J78
□cue
HU
Low
Prw.
Sep
9041
90.43
9038
9038
Dk
90 67
90.71
90 62
9065
(Ur
4L06
9108
9102
91.03
Jun
9136
9136
9132
9132
See
9160
91.60
9L57
9138
Dec
9L72
9L73
9L70
9L72
CAC-40 FUTURES (MATIF) Stack Mb
JMy 18880 18865 -AS 1890
August 1903 0 L902.a A5 1903 0
S*SAm*er 19190 19165 AS 19205
Estimated raftone 7.012 Total Opm Merest 24.056
1878.0
1983.0
19115
l^se
919
4.252
Estimated rata 40609 (21763)
PiKtous day's ooen lm. 290845 091369)
ECU BOMB MATIF)
PO BpkIM, Primett Rtf. Steeeupe , 0438744500 1
MtetategWe—fjOJO 7M7JI ULTBlMfe. H
ItA. X»[X*N-.._|9.73 1 iLfst . 9.75] fttrtr .
rritS Me bjx»* 9. 13 : 7J1SI . J775 rSm
»fi«KMle£l,0»jj9.73 • • 7J125f 9.73ftaf. '
MJ
Septerotsr
105.40
105.42
A06 10550
10556
935 33829
Mtt J- Hatry Stabler Wan & Co Ltd
Mth mOuupsJd^ Lata EC2V 60S ,071-3^6000
UOiKcJh 5SI sf S2
Western Trust High Interest Otame Ate
lm I d .’jsl &
- WhnUedoa & Sautb West Finance PLC
THREE MONTH ECO
ECU lm ppUts «f 181%
EflJpjated iriume 3.620 Total Open toterea 13.829
GmowW rates uEcp towards the pad sf London trailing y UK. belaid and ECU « qmted In US cvrerxy.
Ftrwart teem lone aod discottou apply to the US dollar and not to the mdltiOaal uaieny
Sec
Dec
Mv
Jra
do*
High
89.78
89 81
84.77
8980
90 05
90 11
90 05
90 09
9041
90 43
90 73
9675
OFIHW m UNB-TERM FRENCH ROM MATIF)
EURO-CURRENCY INTEREST RATES
Esumrd Wta 1032 (950)
fcrrtas day's open n. 10562 110294)
* Bank rai* refs; to central bank dhanntt rates
These in not gooted by the UK. Spam and luted
1 Eurooeao Commeslon Calolauont
Oil SOR rales are for July 6
OTHER CURRENCIES
Jul 7
Argent nu
Australia
Braill .
Finland
Grace
»7oQ 55 - b7W bOBAo) 05 - 3467.25
p SOU OO - 355.700(182340 - 185250
Hong Kwg D407M - 14 89051
Iran
KorratSDU U492 35 - 1516 40i
Kuwait
Uientoug
Mala rut
Uuiw
« Zralam.
Saudi Ar
Sitnuocre
S 41 :bni
SAf'Fn) .
Tainan .
UAL
L9060 - 1 9100
25870 - 2 5890
7 8510 - 7 8745
273800*
59.45 - 59 55
4.7900 48115
3 5325 - 3 5365
73503 - 7 2275
3 1015 - 3 HKQ
5 2765 - 5 2840
74880 - 7 5125
4725 - 47 45
7 0015 - 7 0790
Jul 7
Skirt
torn
7 Days
nouce
One
Morel)
n»K
Matins
sit
Montts
One
Yew
Sterling .
US Dollar .. ..
Can Dollar . . .
Dutch Guilder. . .
5wfts Franc .
D-Mark .
French Franc ...
Italian bra..
Belgian Franc -
Ten ...
DansfiKrone
AsteSSlng.. ..
SpaWiPetoJ.. .
LO4! - UUi
ft:R
15 ‘e -B
9J -9j|
IS - 1
12S • us
106 - 10i
3S-3S
9t, - 97,
1
2? -2S
12,’. • 12
10 - 911
1J:S
9i -8J
9\ - *C
10 4 - 10
I0-9[1
Ik ill
9S-95
IDS -10
24 -2S
IZil - 12%
1:1
111
’5:’
14 -US
vA
1 2S-124
THREE MONTH EURS SWISS FRANC
SFR lm prints af 1W% _
Ora
Higl
91.fi
Sep
9L12
900
9L17
Dec
9L44
9L48
91,43
9149
Mar
9L90
9L95
9L90
9L%
Jus
92.18
92.22
9220
9223
Estimated rata 6656 3600
Preriw day's opes let. 41968
42546)
Strike
105
106
107
108
109
UO
Open W
SepUrefaer
CaUi
Decemte
M*t» •
Septate
■ Puu
Detente
Hard)
■
323
■
604
.
033
L99
-
- .
031
037
L15
L75
•
627
664
033
L16
L60
064
LOI
020
0.74
.
606
039
' .
10.473
167298
4900
87333
32.599
3260
.387 Total Osea letirea M/A
lure
STrfijKtott£LW».
Cp-«vcrathre Bub
POBut 300, Skeknuatak Luci
TesiA ,
TESSA - - ... J LOAM
IniPlPldU-Wl
OaODOt-
: ... J 10U0
Mi'll
0800 U6162
-l
Mns- Gvik CtwtnKUH me DIdWh rank; «M
MtajMpNLarM— — — - ' — -
Ms Ante# li
. afbratoraielky.
-1 tarty to up* xcm
than ana.* yea. 'G
CK.
of InartK paM othK
h» Cn
.6*1 10Al6-Mtt . Firqnmtjjt rHch (tnim ts ora had tn tfw amwnt _ "
BASE LENDING RATES
THREE MOUTH EUSOUSA 1MT. RATI
URA LOOBM priaft «f 100%
09900 - 0 9910
13435- 13445
Uag term 1 EimdnlUrr- tra yean4b-4S to cent; dneyear: 5,',-S,\ toted, lour years 51) -5)1 pk cwl fhe
yeari 6„ -6i per cere nominal Snort tmn rates are all fer US Dollars and Japanese Yen. pthen, ondaysratice.
Ctae
HI*
ter
StB
86.40
8b 4o
8630
Dk
87.08
87.15
87 02
Mar
87.50
8735
8738
Jim
B7 72
87 75
87.69
Estimated whane 5426 (2963)
Ptoisra day’y ocei Int 10428 081291
Free.
8633
86 99
87.40
8760
<0800 - 4 0830
EXCHANGE CROSS RATES
FT-5E in DBn •
OS to fpM Ita PPM
7.7320 - 7 7330
143500*
783 70 - 789 90
■WiT 6
014 Yen FFr. SFr, NR lira
b 55500 -055600b 28850 - 028870
Mte
249(10.14990
B9?8 10 • 5990.75 tjllfc 25 • 3117 25
1 8355 - 1 8375
3 7495 - 3 7505
1 6130 - I 6140
2 7470 - 2 7490
38910 ■ 39140
24 55 - 24 65
3 6715 - 36735
l 1 1926
S 0519 |
OM 03*7 0(*£
Y£H 4.175 80C
FFr. 1030 1 903
SFr. 0 385 0 742
HR 0308 0392
bra 0459 0883
CS 0435 0 837
8 Ft. LsOL 3237
FU 0349 11)57
E01 0 709
8 Fr. Fu. Ecu
2885 2395
1«8 1244
1
12 05
£971
1112
0 887
L323
1 254
3252
1333
1327
13-58
3348
2188 2301 5950 I82J 1410
1132 1195 3089 94.65 0732
755 6 0.798 20.6 2 63 19 0.409
9102 9 608 248 4 761 2 5 887
2243 2369 61 26 187 7 L452
9 712 2595
5.043 1J47
8302 3 366 D099
1000 4055 1034
2*65 ia 2.672
9229 3.743 1
73.65 2.986 0 796
109? 445$ 1190
104 1 4 221 1120
16J2 4361
_ 3J27 1 493
1366 2 096 169.4 6 888 1040 E306 1546 1&B S3
&
Cioie
Hlgfi
Law
ftw.
25200
2524 0
2*87 0
2490 D
Ok
S67 0
2537.0
Hr
2605 0
25750
Estimated raltme 86<b C9W7)
Previous day's opn InL 41665 I4JM31
«B*9 4015
1583 131 4
1253 6403 0.887 2193 7025 0S4J
, I *70.4 0 708 18 JO 56 06 0434
1492 1000. 1.056 27 29 83 62 0 647
1413 W7.4 1 25 06 7923 0 613
5466 36M 3 867 100. 306 4 2 370
1704 11% 1262 3164 ICO 0773
’ Contracts traded 01 APT Doting prices shown
POUND - DOLLAR
FT FBI EKN EXCHANGE RATES
•Floating rate. Iran QXtcUl tatK£l2LW 564 00 Yen per LOW French Fr to 10 Ura to L non Ft snn jg
1293
S pot
L9260
1-mUL
19148
3-ipUi.
18952
6-fKh. 12-ratb.
18671 18198
Adan&i
Allteri Trust
MB Bask _
• HmT /Wafer -
B&CMnjBsLBaolE...
Bar* of Banj* -
BaacoBilhaVuaya....
BatofCjiW -
Bakoffr^sd - -
Bar* of India _
BakofScotoa . .
Banove Beige Ltd -
BadapBai* - -
BetttmaiBaak -
Brit Bk of Mid East....
* BtwsStiptej -
CL Bark Nedmaad — .
Citibank HA _
tity Mariams Bart ....
anted* Bart -
Ccwperaliif Bart —
Cosm&Co _
S
10
10 .
10
10
10J
10
10 • Robert
Credit Ms -
CnroPwolarBk _
DaocaaLawie -
EuwUrlalBRFtpfc — -
freter Bank United...
FlmdalgiCflLBaRk.-
4ft...
Robert FraBtPtSB...
Girabart -
• Guises Maboi -
BiRbBartMZatt..-
• HartnsBart -
Bai{8fi«e Trust Pic —
KeritaUr&GBilteMr.
\
10
10
10
10
UL5
10
10
McDsffieJIDoaglasM. 10
MWasdBaak _ 10
M«st Banking - 10
HatWestBOstB'.... . 10
Nortbera Bait Ltd _ 10
NykmfitHartgageBaflk 105
PwtactilBaRkPLC _ M
JOTTER PAD
CROSSWORD
105 4ReaBra(btfS..
10 •fliRSuN.
C.Ha»e8tft. -
Roa^ORg&Saa^ai...
JnOa Hedge Bank —
*UspeWdosq*4Scffi-.
LkVkBak -
Megbraj Bank Ltd -
No.7,893 Set by CENEPHILE
cBakUd. _ 11
kef Scotland 10
• Saitlt&WHlnsiSeo.. 10
StapdartOartaed _ 10
TSB. - 10
Utitertgic - 10
t United 6k of Knail _ 10
Wylret Bask Pic..- 10
WestesTnst - 10
WbkajwLaidiw — 10 *
Yorfattetok _ _ 10 -
• Umbers of Brito Uudiat .
10 Banking 4 Scarf Lies Boses
Assodatiaa.
MONEY MARKETS
Rates firm again
FT LONDON INTERBANK FIXING
>11 00 API. July 7) 3 months US daIMn
bn) 3*
■trier 3J
RATES in the sterling cash
markets continued to firm yes¬
terday as the Bank of England
forecast another large shortage
which dealers found difficult to
remove.
The Bank forecast a shortage
of £l,25bn in the morning,
which was later revised
upwards to £1.6bn. But dealers
were slow to offer bills to the
Bank throughout the day and
the authorities had to provide
late assistance of around
£510m.
Dealers explained the sticki¬
ness of the market by lingering
hopes that the authorities
might signal a
6 biokIb US Doflto
te 3*
attar 3!j
been issuing more gilts
recently." said one trader, “and
as a result they do not need to
cover their funding by issuing
more Treasury bills." This
gives dealers a smaller range
of monetary instruments with
which to operate.
The mmg rales an Uc KiUunnn: p«to rpgrdtd u U« mran oaMulMPUi. pf Us bM and offo«d ratet for SlOra
ra^UUwm^^fweitfmo'et^ikiitilOOp.in radi wonting dj, The Uado ire HjmonaJ WeuWWK
B*rtt. Bam d Tpkyo. Denscfep Baik. Bttqi* Natipul dp Paris art Morgan CoMy TrosL
MONEY RATES
NEW YORK
4pm
Treasury Bills and Bonds
cut
UK clearing bank base lending rate
ID per cent
hum May 5. 1992
Cash rates ended firmer on
the day. with the overnight
rate rising to a peak of li per
cent. 1-month money again
closed at lQft per cent, but
3-month money, a key
indicator of the market’s view
on rates, finished at 10& per
cent from a previous close of
311 per cent One-year money
ended ap, at 9V. per cent, from
a previous close of 9|J per cent.
Prime rat* .. . .
Broker Eon rate .
Fed Inapt . ...
Ftd-hrts at letxrnnuon
OneprprtB .
T«ra month. _
6 JlWf ateffi .
6 Sn irsoui .
3 Orxitar
- Ttaytir . .
.. ...... 334 Three jeir . .
- - 332 n»yw .
. 3 28 Srvtr war .. _ _
- - - 3J9 10*ar . . .
.— — 362 30-nar _
— ,... 438 _ _ _ ... .
_ 4.90
_ 5.91
. . . .6.41
.. _ 6.86
— 7.62
July 7
Cremlgia
One
Tno
Three
tesnte
Meres
MaaUs
MtWhS
Wcsttlr.
tenesUon
FrxJkfurt. _ _
960-9 70
960-4 70
9 AO-4 70
965-4 75
4 65-9 75
9.75
Tto tft.. .. _
AmstHtoi ... . .
ft 7} l»
9 42-9.50
W-101,
10-W l,
flOh
9JH0A
9M
Tgijtt .. ... _
Milan . .
aa
m
Brussels . . .
Duttln . .
4U-9H
10-101,
fti-104
9, “-9a
MA-10A
xatc'iou
in base rates. On Friday, the
Bank shaved the rates at
which it deals in longer dated
bills. But the expectation that
this would be the precursor to
a rate cut was dashed again
yesterday. The Bank failed to
deal in longer dated bands,
purchasing bills in Bands 1 and
2 at the established rates of 9’i
per cent and repurchase
agreements ireposi at 9\l per
cent.
Dealers said that the Bank’s
reduction in the supply of
Treasury Bills had also caused
difficulties. -The Bank has
The firming of longer-dated
rates was also due to sterling’s
poor performance on the
foreign exchanges, as the
pound dropped '4 a pfennig to
DM2.8850. Sterling futures
responded in bearish fashion to
the currency’s decline. The
September contract finished at
90.19 from a previous close of
90.25, and the December
contract finished at 90.46 from
a previous close of 90.50.
LONDON MONEY RATES
Jol 7
fnurtunk Offer .
Interbank Sid . . . _
Sterling CDs .
Local Authority Orjn .
Local Aut)i wily Somti .
Discount MM Deps . ..
ComwuTj Deposits . .
finance Hou* Deposits
Treasury Bills iSuyl ..
Bank Bills 'Buy) .
Fine Trade Sills i Burl „
Dollar CDs. . .
SDH United Dtp Offer .
SORLMmJDfv Btti
ECU United Deo Offer
ECU Linked Deg. Bid .
12
10 '<
201.
llh
in its morning operations,
the Bank purchased £l50m,
and later £591m, in a “repo" for
resale on 27. 28 and 29 July. In
the afternoon, the Bank
purchased £l66m of Band l
bank bills and £79m of Band 2
bank bills.
105*
105j
20A
ioj,
Ok
Month
*
“te4
10
529
a
10H
10J,
Three
Months
20
Vi
9%
92,
l*.
3J2
ill
10,5
Month)
10
Si
%\
3.45
»
One
year
8
9%
n
372
64
107.
10^
f«ll) serca*'; ,IWTn 32 ser trW;tJjr months 9% per enc
three wjah^oer cent Treasure Bills. .Arange
rvav 10 038 D t Lfleal la June 30 . IWZ. Seneae
Under £100.00.7 per «i Tran
I
FUTURES TRADERS:
I
I
£22*36
any
mtodl
I
any
...No ifi, ...ands, ...or buts
I
I "How do you doit!" bat
the years -by futures traders in die US. and, now, since we've opened
our London trading Centre, by traders duougbout Europe. We're not
smprised because many of the investors who call us are pying£6Q
(or more) per trade wim their fufi-commsssfon futures taoketThey
can't believe they can get onr complete range of quality brokerage
ol;£22ai
I
I
services for only £22 a round turn.
I
I
How do we do rt? In three important ways:
»Rct, we have no commissioned sales staff. No broker will call you,
with trading reammendacions- Because if you make your own trad¬
ing decisions, using a /ufl-commisskHi broker cos tsyou far more dan
you need tn spend. At Lind-Waidock, you don't psy for advice yoa
don’t need!
• Second, we're roecialtted. iihd-Waldock Is the w«W's la^st
ftmnwHHily broknage firm We don't have the added costs associated
with offering a vriderangeof investment products. So we can save
you money -and provide service that’s hist class by any standard,
discount or full pnee.
• Third, with 13,000 cuswawss wusldwwfe,^ we can take adraua^ of
built-in effiricncies chat large volume prondes -and pass the savings -
along to you. .
I
I
!
I
find out for yourself why Lind-TW Jock is the number-one broker for ’•
£ independent futures nadea woddwide. Write or call (toll-Erwl today. _ ^
Name;
Address:
Postcode:
Tele, aft jegbaarffc
Futas tracSno iretawiWc. tateiB
01 lonas omtK tr*i aw ortuinal tamm
and earatay mu lire re* tereloiKaimMo.
lormrym.
Ibncebeow tatecanS more
irfbnatHon.p>aw ntma awanyto
oraUct
0800-262-472 m .
Onttaiht Ut, ctO hSta tydUhc
y^t(krewu:W08H(»
AncEIMfl
MtarttaMHMBte’
HHtetefe Off saw
ftta olffiaiyiHirmaa dm
ftKW-SffOm
I
I
I
SEND TO ii*K»tatA4flWTTimKgeMeet».Titai^pKpnra.ewMao.iraBai-wtaTOt
liaQ-WiUock ‘ ‘ _ ‘ ~
talbae
I
UHD-WALDOCK fif COMm^Yj
ACROSS
. X One that looks just like' one’s
wife? Nonsense! (6,5)
7 Frighten an animal C3)
9 Man on council or tree (5)
10 Support a line edocationally
between li and 18? UOi
11 Unwiffing to organise cattle
run (9)
12. Two leading characters in
baffle of Hastings?-®.- '
13 Bird got teeth Into bird (7)
15.' 19 Attractive character in TV
serial taking the cake? (4,4)
. 20 Tbotnas finds key hi tank (7)
23 'Hckle one of nine (5)
.14 Raises handle -from mace’ in
building (4.5) :
26 Where blade meets blade,
men row. oddly following rule
(JiS)
27. first king of Israel backed fol¬
lower of religion ® "
28 Animal cast metal (3)
29 Took a pew Oris month with
-craving to do soma eznbroi*
Aery (5® : -
DOWN
1 Violent speech should help
raise dan (8) •
2 Wave, almost excessively
after time (8)
5 Wards for the extremely rich
(5)
4 New sin I add to cantemptu?
onsness (7)
5 Historian's account kept by
emperpr(7) • \ r '
S Worker at thicket kept on in
park ©) -
7 Girl within call from hole (6)
8 Style far song or catch after
waiting (6)
14 Surrounded by duck, prime
minister Is superficially the
. too layer? (9)
16 What follows ’ A in degrees
back in Panama? (5£)
17' This October’s designed for
' Macs (8)
-19 Little Alfred with tail first Is
a fool (ft
20 Pole has Insult with no end of
flavour (7)
21 Cheek at weak at high speed
■ W ■
22 Judge’s address and head-
oe to Beethoven (6)
25 To stocldng up with shoe? (5)
Solution to Puzzle No.7^2
FINANCIAL TIMES WEDNESDAY JULV 8 1992
WORLD STOCK MARKETS
4> $ 33
AUSTRIA ; .
Jaly7 Mi . " + ■»
Austrian Alrllna ... Z.0TO +14
CmfiUnsUH Pf *V7 - -3
EA Central - 3420 . -+20
EVN .'. _ 040 -1
Jimg&wuUuor.:. .. I6JOO +50
osm* .. . «r -10
PerinwoKrZOTent.. l.W ' ....
Radm Kerabllth ... 5W -l
Rrintohaas Bn*. 1.500* ....
5leyr Daimler - , 183
IS 31
BELGIUM /LUXEMBOURG
■FRANCE (centliaM).
+ "~ Jnfr7 Fro. '+«
+W Boaygos.- _;_S7I* +4
CGIP'i. . . l;085 - +10
CM B Paekagfeg ._. 179.90 . j,
Caiah- _ 1^03* ;«/. -
Cap Gemini S _ .-. 274.. +U0 -
Carnefour _ >,..2,630. *15
Casino . . 151.90: -2 ■' -
Cetriem 740 .
Charaam 1 j.90 .+14 -
Club bcditernoR 475 - iUM
Cogift . 29240W240. .
caom- _ :.._S6w: -44 .
CCF, - : — _ 179J0+3 .
CrFonc France . 832 1 +3 ■
Crtd Lyon ICn.A... 541M *1 -
Craflt National-. >412 -3
Hunan _ :..... 3,235
Fro. + or - Ooelct do Franee..,.
ACEO-UotooMM 2.240 -10
AC Croup . 1.940
Artwd . 3.47<W -125
BBL . . 3.460 ...
Bank hilt a La* . .. 11.500
Baaa Gee La* Pis _.. 12 000 .
Bara) . L 234 -2
Betacn pw
CBN Clment . 8AM -100
CMS . 2,200 -20
Cobrpa . . . 4.895 -5
CotwpaAFVl .. .4.770 . ..
Cockerill Prhr . .. 1624 +4
Cotrayt . 4,670 +40
OnMlMFrsLiM . 1.630
DfCtAtet . 4.610 +10
Etectrabd AFV1 . . 4.535 -15
ElecuafUw ACT ... 2,470a +15
68L . . . 3.155M +10
GBLAFV1 .. J.OTlha ..
GIB Group . 1.454* -4
CIBCroupAFV . . 1380* +10
Gcchem . ..... 320 -10
GechemAFV . 310
General* Banqu* ... 6.420 +20
Gen Bjjw AFV1 . . 6.270 +30
Gcvam . 6.810 +60
GUwrtwI. . .. 4.030 +5
Kredtetbank .. .... 4.750* -130
Oolite MlzgCle — 328* - -2 -
E8F . . :.v...88M +M 4
Earn Cle Gani . ' 2,265* +33 .
Ena +aao •
HHVqnllalne ...... 3KL8Qtft5 v.'
EIMflutoheCBts . 246* . +4..-1
Ertdania B-Say ._. 658 . ....
En4*iU)iB-SBra....496
EsilorUA 418* -JW
Eta . 2,060 .+«
Eora/ranee _ 1395
Eurocota _ _ 663 ^+4 ■
Euro Disney _ 104 M.10
Rnextri 109 V'-140 V ‘
Foot Lyotnunr 600 . .' +15 '
From del Auv _ _ 3,439 . -L
GTU-En trepose ... 410 +15
Gal. Lafayatu _ : 2.040* -10 - >
GaonOTiUSocW..:450 ■ .480 ■
Geophysique . 714 • -1-
HaSette _ _ 127 JO +030 "
Hans _ ... _ 495.90 -0.60
Imtul _ . . 323.10 -10.90
hum de Franco _ _ .765 . —10 *
Immobanque ;. . 601- . .
Intmoh Pteiix ..... 118.50 -3 JO
IndustrteHe - + 51990* >.. -
lmerbali . . 410*.. -B-..- .
I nl ertechn Iquo". _ -_ 707 - -18
rvr-ainDjnv ,, .... a./suw -uu lUyi, ’ in *50
KraUetteoiAFv ..4 780* +289 J1 ES™.- 'i;!::--- ■US 2°
Pan Mowing Lux _ li.83tta .. l^eCwpro .-.. 324* %
MSafv- . . low _30
SBilffJRrrrJ® =«
iShS ::::::::::::::: &mo*5oo ^^o,, »»•*■ «»■;
Tessemferio . 61370* +70 .
Te^oAFv ...6,340* =l:lo
Mafvt:.: :?|J09o l£3EZr.i%l .
iSsw-i-MWfc asaf. . tTS* -1s0
PoJIK _ 529*
- . . . Prlnumps (An) — 756* +1. .
1EHMARK Fromodes ^_..>.. f>84 -U
OEHHARK
July 7
+ Radiotechn . 505 t2 7
U" - Hedoute - 5,790* +90
Rbow Poulenc Cts _ 559 -24
Bahka Holding Reg 535 .... Rhow Poulenc Cts _ sto -24
Blkuben . 252 -2 Roussef-Udaf 2^X) ....
Carlsbero A . . . 298 .... SlUC . . . ,7.... 600 - ‘
0/S 1912 A . 92.500 .... Saqent _ _ 2.171* -29
Dardsco . 738 +3 Saint Golwhi . 5^0
Oen Banske Bank .... 271 -2 Saint Louis _ ; 1,204* -3
East Asiatic .- . 132 . -150 Sauofl . . . 1,060 -2
FLSlnd B . — 655 .... SchoeWer _ _ _ U5* . +3 '
Great Nordic _ 326 . StbSA . . 1990 +39
Halpla Kldqs A . U4w -18 Seflnseg _ «» +2
CEHMANY (CWttadoP _
July 7 • . Dufc + or-
OeckeKFr) 123 ^
DeS««s» - . 334120 -3.80
Owtsrte Babcock . 160 +0+0
Dartsche Bank . 711.50+1 -
OWler-Wirta . 056.20 +020
Douglas Hldg . 562.90 +2.90
Dragerwert . . 330* +3
Dreamer BK. . 351120 -030
FagKugeinstlKr-. 233.50 *6.50
MteMmer . 30750 -450
GoUschmldt CTHJ .. 860* ' +7
Hamburg Elekt . 174
Hapaa Uoyd . 540* +4
HwttZem ..;. ...920 +15
Henkel Prf . ....634.80 -2.20
Herlltz.. . 294 ._ '
Hochtief . 1.210 -12
Hoectet:..: . . 250.20 -LID
Hwscb . 2tai0*-3.90
HoUmann Pb . 1,138* +0
Horten.;..:...:....-. 186* +3
I KB Deutsche b* . 253 -3
Industrie Werfce ....306 +2
Kali & Sale . -. 143 -2
Kama®. — . 631 +3
Kaufhof . . 513.50 -0.50
KHD . . 134 +1.50
KiKkner Werfce... 115.10 -1.90
Lafameyer . — 730 +15
tefflttit . . 475* +6
Linde .......i . 825
LlnotyperHeil - 417 -6
Lufthansa . — 116
LuKhaitaa/r Prf — 100.90 +0.90-
MAN . . . 38830 -230
MAN Pref . . 302.50 -2.50
Mamestruon _ 295.80*+0.60
MannltelniVets .... 799 +1
Mercedes Hid 58L50 -£J0
MetangcsellKiiaft 405.80 -3.40
UmKHteekllkg) _ 2.540 +40
PWA 226* +4
Philips Knimvn ._ -610
Porsche . —.571150 -2150
Preussag . 403 -4
RhoincJektra . 1.075 .._
UieinmaU Berlin . 309 -1
Rhehimetall Pif .... 242 -1
Rhein West El . 412 .
B*n West El Prf — 335 . -0J0
Rosenthal'. . 285 +3
ichering,: _ 732.40 +9.40
idunalbach Lnbeca . 459* -4.10
alemens . . 667 -6
Springer Axel Rg 575
SudCheraie . 540 -5
Otyssen . 231 -0 JO
/aria . 337 -4
feba . 40230 +0 JO
/ EW . — .. 215* -1 50
/ereln-Wcst . -332.50 +0.50
flag - . —.398^0 +0^0
/Olkswagen _ 383.50*-0.70
nHksuagenPrf 319* -1
Vella Prf . -670 -030
Ltnders Felnpao ... 206
HricUbZem .... ..
Henkel Prt .
Herlltz..-—.; .
Hochtief .
Hoedw:..: .
Hoescft .
HolzniaiMPb .
Horten _
I KB Deutsche tad .
Industrie Werfce ....
Kail & Sale .
Kama® — .
Kaufhof' . — ...
KHD . .
Kfockner Werfce ...
Lafameyer . .....
teMheit.—.—.....
Linde ...... ■ .
Linotype. Hell -
Lufthansa . .
Lrfthamaa/rPrf _..
MAN . . .
MAN Pref . .
Mamesffunn — ....
MannhelrpVefS ....
Mercedes Hid .
MeulTgesellsciiaft
MnencftfteckUfcg) _
PWA
Philips Kturmvn
Porsche . — ,
Praosag .
Mirintlefcira .
RMnmall Berlin .
RhehimeUll Prf ....
RMPWestEI .
RhdnWtsiBPri —
Rosenthal'. .
Sc tiering,. _
Sdunalbach Lnbeca .
Siemens . .
Springer Axel Rg
Sud Chemie .
TfVBen .
Varla .
tfeha .
VEW . —
Vereln-West . -
VI ag - .
Volkswagen _ —
Volkswagen Prf _
WellaPrf . -
Zanders Felnpap ...
NETHERLANDS
July 7 _
ARNABmlNtfq
ACF Hid Dtp Rees .....
AEGON.: . .
Moid .
AKZO . .
AMEVDep Rea
BodbucDeyRK. _
flansmlJWCtWlB .
tekrOMTCthpAcs .
CSM Dep Rees ......
OAF . . . .
DSM .
DoidtseStePtnr . . .
ElserKr Dep Rees . .
Fokker Dep Rea ...
Gamma.— . .
fils; Brae Dtp Rees
Helnefcen . .
HollDdBeun _
Hoojmmsntpfea ...
Hunter Douglas . ..
IHCCallanu .
WHtMOepfiss _
Inti Mueller .
KLM .
KNP .
Kola Pakkeed Opto ..
SWEDEN Uauthumn
July 7 _ Kr
GamUro B Free . 25
Incentive B Free . . 17:
lib Sen Don B Free 24:
Nobel Free . . 12
ProconHa B Free .. 17i
SKF'A Free . 11:
SKFBFrte 10
SudrikM B Free 37
SkancCaFree . 97.
5hraEwkildaC... 26.
Stora Kcpp B ... ZSt
SCAB Free . 94
Stka-Handl.B Free .48
Trcileoorv 8 Free .... IDi
Vote B Free ..... .. 37
Kroner
+ dr -
255
+1
175
-5
245
12 50
-6 SA
170
-1
112
10b
-2
372
-4
CANADA
97.50 +0 50
26.50 -1
239 -4
94 -2
fl
10b -4
379 -5
Nedlloyd . .
Nlterd-TenCate ..
Narifer Sea Delta .
OceVCrim .
Philips. .
PolyGram .
Rotaeeo . . .
Rodamco . . ..
ftolinco .
Rorento . - _ _
ltd Bad Wan Djfc . .
Royal Dutch .
Storit NV .
Unllerer Dtp Rees ...
vnu . . : _
VaOnnmi Delta _
WtsswnDtswa...
iMiaMDeeitai .. .
NORWAY
Jpty-7
Alter A Free _ lu
Bergesen A .
Desnank Bk Free
Oynolod . .
Elkem Free .
IUilg*NjcAftH_
Knemer Free . .
LdfHoegb _ :..
Norsk Daw A .
Norsk Hydro .
Henke Stag A Free ...
Orkla Free _ - ...
Saga Pei A Free
Saga PetB Free
SkaugenO Ml .
Siorll B .
UWSsitmMFrtr
Unitor' .
Wtrd .
HafnleHIdgsB —96r .-4 Slmco.: .
ISS lntl Sen B . 1.010 .... Skis Rosslgnol _
Jysfce Bonk Reg .... 306 _ SocGeKrsfetfcFr _
Laurltrai (J1 B . 1,980 .... Swnmei-Alllherl'.
NKT A/S . 243 -7 SpleBatignollei -
Novo Word B - 527.32 -2.68 Suez(Flnde)
Sophus Berend B ... 1.975 -5 TaftUnger . .
Supwfos . 380 +5 TboimonCSF .
Top Danmark . 810 -40 Total B _ _ —
UnldanmarkA . 169 +4.50 UAP . - .
-4 Slmco- . 391.60 .-2.20
SklsRosstgool - 629 -11 .
SocGeeeraleikFr _ _ 484.70 -6.30
Somflier-Alllberl*.. 1 450 -10
-7 5pleBaUgnolles -. MB ' -.+6
-2.68 SueitFInde)- - 265.30*-850
-5 TaftUnger . 2.632 -63
+5 ThomsonCSF . 148 +2.10
-40 Total B _ 234.40 +0.40
■rt-50 UAP . - . 457.90*+10.90
UFB Locaball - 287 -2J0
_ UnlbaJI ....r....-—. 41930 -0.50
Union Immob Fr >. 424 -1
- Valeo . . . . . 775 - -4
+ *r- Vallourec 185 -0.60
FINLAND Onion Immob Fr >. 424
July 7 MW + Or - ValSjree"";^— lffi
Anwr . 76.50 +0 JO w0"» CM - - 310
Coltor . 37 +2
Enso R . lb JO -0.20 _ . '
Helrumakl I Free . . 12b +4 cmu&Mv
TOP . 8.60 -0.40 -
Kone B Free . 390 -5 Jtdy 7 . .• fflm.
Itov. +or-
. . £2™ -ten AEC - - - 1S5si -«.90
” 'S'tS' ■ ^J0 AGInd&Veifc . 719 -1
pSSSbV— ■" «» •••• AacheeMdKRtgJ— 868 -2
. 59 M A'jw, Allianz Afi . . 2J00 -13 .
. -fSi20 "S'90 Ahanalnd . . 625 -L
5“**™""® . PA 7 AWo _ _ 664 -1 •
Tamnetla Free . 9.50
UmusBkCFne . 9.50
AskoPrf— . 538 +7-
BASF — ; _ 239.40 -1 JO
Badenwtrfc . . 272 +2 JO
- Bayer . 279.90 -2.60
BayeMfypo . 403.40 +0.10
TJT^~ BMWtBrt . —.588 -230
_ - - BayerVereinshk _ 419 +3
AGF . 478.50 +0.50 Bderaloif _ 767 -fr
Accor . 735 -4 Berliner Bank . 25330n-l
AlrUquIde ....; . 785 +6 Berliner Kraft _ 120.30 +0J0
Alcatel Alsthom. .. 654* +13 BHFBank . -.42530 -230 . .
Autll Entrepr . 605* —10 01 If. & Boger 968 -2
Am . . . 877 -8 Colon!® Koaiere 895 - 1 •
BIC . 807 +2 (Mania KonmiPf,_ 535 +3
BSN. .. . . 1,117 +12 CaaimenliMlr 26UO -0.70 - .
BNP Cert Im . 346* -730 Cantlnental AG .— 276" +3.70
BaacaheCle >.380.80 +6.80 DLW . . 533* +030
ITALY _
J*Y 7 _
BantaCamtn .....
BaacaNazAple.
Banco Lariano ....
BasugMRBS ..
Benetton . — .
Sorgo (Carl lere) •
CIN . . .
CaffaraSpa .
Cementlr .
OnhoLef .
CofWe Flit . .
CredHo ItalWno ..
Daniel! & C . -
EnlChem .
Femtzzi Fin -
Flat Prhr .
Flat .
FidB . ; .
Flnam AgroJnd ...
FontflarlaSpa ....
Gemlna .-. .
Generali Ass loir ..
G llardinl . . .
I FI' Prhr..: _
Itakable . .
iUHxmentl _ -
Italgas . .
UoydAdriatko ...
MaoneU Morel II >
Mediobanca .
Monied ten .
Olivetti . .
Plreina CO
flRS=:
Mnasceme(La).>.
SAS1B . .
SIP . .
SaffaA . . .
Salpcm . .
San Paolo. — —
SfrUSpa'— . .
Sa#Bt=±
Bongraln . 3.000
JAPAN _
July 7 _ Ym
Ajinomoto . 1.190
Akebono Brake led... 511
All Nimm Airways .... 960
Alps Electric . 1.010
AmadaCo . . 1.040
Amaoo Corp . 1.550
Ando GjnstmcUon ..648
Anrllsu . 897
Aokl Coro . . . 435
ArabtaOBCoLW _ 4,750
Asahi Chemical .
Asahl Gloss .
Ym
+ 8r
.. 1.190
-10
... 511
+11
.-.960
+6
... 1.010
+10
-1.040
..1.560
=8
.648
-i a
...897
...435.
-ii
_. 4,750
-30
... 9*2*
-38
... M8
-21
... 1.010*
-30
.375
-10
... 457
-13
540
-13
... 1,000
+20
... 1.120*
-50
HiiuyBWH . . a. a« Ml
Brother Ind . 390 -6
Cltoh . 416 -3 .
CSK . 2.490 -110
Colpis Fond . 030 -20
Calwnlc . 444 +14
Cation . 1350* -20
Canon Sales . 2.190* -10
Casio Computer ...1.200 -20
Central Finance .. . 306 -4
Central Glass . 417 -17
Chiba Bank . 895 -3
Chlyoda Cora . 1.740 -30
OUyodaFla&M 521,. -10
Ctabu El Pwr . 2440 +10
Ctagal Phartn . 1.220* -20
Ctugoka El Power . 2.080 +10
Citizen Watch .. ... 885 -12
Date* Chemical. . 559 -1
DalddSteet . 399 +1
Dalel Inc . . . 851 -20
Dal/uku . 2,020 -50
Ozi USiKanBO 81 ... 1,210 -20
Oallchi Pfiami . 1.660 +40
Dalkln Inds . 840 -40
Daikyo Inc . 733 -47
Oaimarufaic . >544
Oai Nippon Ink . 449 -5
Dai KtapTO f+Hrtsac ..1,130 -10
Oak* Chemical.
Daido Steel .
Dalel Inc . . .
Dal/uku .
Oai khi Kaino Bk ...
Oallchi Pluerm .. ..
Dal kin liras .
Daikyo Inc .
Oainuniiflc .
Oai Nippon Ink ....
DaiNfeiwnanBac .
Dal NhiponPrin....
Dal Nippon To^n ■ ■
Oahhcwa Paper ..
Oai Tokyo F&M ..
Dafwj Bank .
Daiwa House .
DaiwaSec .
Denny's Japan . . ..
CkneaflreA Her _
Down Mining Co .
Ebara Coro .
Eisai .
Ezakl Gllw .
Fanuc .
f udo Cormrucilon .
Fuji Bank .
Fuji Electric ... .
Fuji Film .
Full Flie A Marine ...
Fuil Hea»y Ind . ...
Full Spinning . . .
Fuiikura .
Fujisawa Pharm . .
Fajita Kanko .
Fuiitsu .
Furukawa Elect .. .
Gakkm .
GenSefclyu .
Gado Shosel .
Green Cross .
Gun-El Chemical ..
Gmuf .
HanfcyuCnro .
Hamltln El Rh«y
Haseko .
Hatwrl Seiko .
Raomi-Guflii .
HeiwaHeal Est .. .
Hino Motors .
Mime Electric .
Hiroshima (Bank) .
Hitachi .
Hitachi Cable -
HitachLCrtdIL .
Hitachi Koki .
Hitachi Maiell ..
Hitachi Mauls .
Hitachi Sales .......
Hitachi Zosen
Hafckardo Etat Pwr--
Hokkaido Takush ..
Hokurlka El Pwr .
Honda Motor -
Honshu Paper .
Home Food Ind .
Horn Carp . . .
IKl .
lhara Chemical ...
Ikegaml Tsushinkl .
Hum . .
lirttiK Bank Japao
Isekl&Co _
Is+tan . .
IshlharaSnngyo ...
Istuu Motors .
itoham Foods .
luaun&Ga .
ito Yofcado . _. ..
hujtsuElec -
Izumiya . . .
JEOL .
JGCCorp .
Jhwie SuM* •***'—
JAL .
Jap* Mails 4 Oem ..
I Daimler-Benz . 76330 -2
July 7 Yen- +itb
Japan Radio 1,770
J»« Sled Works — 448 -12
Japan Storage flat 927 -20
Japan Syn Rubber.... 500 +6
Japan Woor - 871 -34 .
Jujo Paper . .-....-SIO -6
Jusco . 1,500 -60
,939 -1
859 -29
U10 ....
2J60 -10
403 -8
.550
.480 -12
2.320 -20
.445 -8
:5ff° V
365 +2
.275 - -6
.553 t32
.543. rU
.623 +3
. 2.110 ....
. 701 -10
:W“-r
669 -I
1,730 -50
2340
603 -1..
608." -16
569 +7
476 -20
475 -1
52B -40
.423 -6
1.140 +10
447 -10
1.990 -10
4,190 -100
460 +6 -
1330* .....
871* -29
674 +3
2,170 -SO
ToroA»fcur_. .
Tori Franco .
Unicorn . . .
Lira + or-
.. 2,600 -50
.4305 -175
-.3,760 -60
. 120 -330
.. 11.905 -295
-.4,748 -132
.. 1.685 -21 50
..416 -18
.. 1.668 -5
.. 1.450 -65
.. 1,830 -1
.. 1345 -62
.. 6350 -45
.. 1.270 +25
.. 1,450 -55
.. 3365 -75
.. 5.032 -29
3,475 -150
.. 6.640 +20
.. 25.750 -L300
. 1.629 -a
-#,450 -300
.2.^80 -26
.. 11 525 -55
. 4.415 -135
.10,190*^260
. 2.642 -72
. 9,290 -109
.^1 -4
.12390 -40
.074 -2
:5&7
.1303 -15
. 14335' -820
. 5.650 -150
. 4.400 ....
.1,187 -4330
.6.110 -180
:&-«
8.200 -145
5b7 +1. . .
985 . -5
1629- -26
17.060 -470 •
18,500 -200
7,000 -260
SPAIN _
July 7 _ Pts. +ur-
' Alba (Corp FTn) ..... 4350 -60
' Aragonesas . 1.135 -15
Asland — . — 1365 -5
Banco Bilbao Vl« ... 2.580 +15
Banco C*n>Hlsp.- 3,105
Banco Exterior . 3325 ....
Banco Popular . 10.940*440
Banco Santander .. 4375 +35
Banesto . - . 2390 -20
CEPSA . . 2360 -40
Carburos Metal ....3.600 ....
Dragadot . . 1340 ....
EbroAorknlas . 1.420
EhsctraVlesgo . 2290 -10
Endesa (Br> . 3460 -55
Ereros . 177
Fecsa . . . 717 -2
Gropa Dura FeJg ... 1,080* +5
HldraelCamabr .... 1.795 -5
Iberdrola . . 730* -3
Kolpe . 4,090* +10
Mapfire ... . 4335 -5
Metrovacesa . 3.845 -5
Portland Vald ...... 7,480 +180
Repeal . — . 2825* +10
SNIACE . . . 66
Sarrio . . 640 -48
Sevtllaiu Elec . 526 -2
TahacaJeroA . 5,500 ....
Telefonica . . 1.095 +5
Tudor . . . 820 -25
Union Fenasa . 555 +5
Union y ri Fenfx ..._. 3025 -75
Urallte . . 9^0 +3
UrbBSer2 . -636 +3
Vallehermosa _ 1,775* -15
SWEDEN
July 7 _
AGA B Free _
Asea A Free .
Asm B Free .
Astra A Free...
Astra B Free .........
Atlas Copco B........
iElerirolraBFree....
| Ericsson B Free ....
Esselte B Free -
SWITZERLAND
July 7 _
AtfalPwCt* .
AdHrlflUIBrl .
AlusnHse-Lni Br
Atusutsse-LnzReg
BaloiseiPtgCuJ...
8rown Bnvtrl(Br) ..
Brown Bmreri Pig
CSHIdgs(Br) .
ClbaGeigylBrl ....
CftjGefltlFtCm
QbaGelgyIRegl
EhrictrowaUlBr) ..
EJrla (Reg) -
EivU(PtaCts)....
Flschtr Geo (Br) ....
Fischer (Ptg Cts) ..
Fortniarl . _...
Holderhfc (Br) .
Hovts Holz(Reg) .
Jefmoll (Br) -
JcfcaaHiPigCu). ..
UndisBG Pmir Ptg...
Landls&GyrtReg) ..
Leu Hold IBr) .
UagGlohisPtaCB ....
Mlkroa(Reg) .
Mottt-ColumtBrl..
Nestle (Br> .
Nestle (Reg) .
Oer-Buefhie(Br)...
Pargesa Hld(Br> ...
PlrrillTBr) .
RktonomAlBr) .. .
Roche (Br> . — .
Roche tGenuss) .
SMH(RM) .
Sandoz(Br) .
Sandoz (Ptg Cts) ...
5andozIReg) .
Schindler (Br) .
Schindler (PtgCis) .
Slka Reg A .
Surveillance (Br). .
Swrssalr (Br) .
Swiss Bank (8r) ....
Swiss Bask (Red .
Swiss Ban) PtuCu ...
Swiss Reins (Br) ...
Swiss Reins (Ptg) . ...
Swiss Vottabk .
Union Bank IBri ...
WlnterttUir(Br) .. .
Winterthur (Ptg). .
ZarkJi Ins(Br) .
Zurich Ins (Ptg) .
Fra. +or-
■ 56 -150
. 317 -19
489 -11
.475
.1,940*
.4.250 -40
.834 -10
.1.835 +25
. 686 +3
. 677 -1
686 +2
. 2.270 +20
. 1510 -5
1.505 -5
.1.175 -15
.233 -1
. 2,160 -ID
5.220*
505 +5
.1^0 -20
.91 -1
930
308 -16
560
. 255* -20
960* +10
9.460 -100
9.420 -60
385 *2
1.210
247
13 300 +100
5,200 . ..
3.400 ....
1.225* -25
2.980 ...
2,880 -20
2.980
3.760 -90
706 -3
710
7.120 -110
635 +15
259
247 -a
243 -3
2.410 -20
484
850
724
3.100* ...
580* -5
1.890 -20
891 -3
Kajima . . . •.
Kaken Phatm —
Kandenko . .
Kanebo . . .
Kjunta _
KanemauuCorp ..
Katsal El Power „
Kama) Palm. -
Kao Crap _ _
Kawasaki HeDylnd-
Kaufiasafcl Klsen ...
Kawasaki Steel ....
KeNUaElee Express ,
KrioTettoEIRw ._
Klkkoman .
Kinder . .
Uokl j/Ipp teiter -
Kirin Brew .
Kobe Steel .
Kollo Mutf -
Kokusal Electric ..
Kokuyp . .
Komatsu _
Konlca — .
Koyo Seiko Co .
Kubota Coro
Kumagat-Guml ...
Kumlal Chemical ,
Kurabo lad .
Kura ray ...... _ ...
Kureha Chemical..
Karlta Water .
Kyocera— _ _
Kyodo Shtryo .
- 1350 -20
..3 n -5
. . 2.040 +90
... 635 -M
... 760 -13
. 1320 -CO
... 7^0 -9
.. 2.890 ....
500 -3
.605 -9
. 1,390 +10
... 1.380 +40
.. 1 J1D -30
4.060 -60
.. 537 -3
■Mo* 3?
■:hr
..366 +8
422 -12 '
■ 505 +5
. 970 -21
.. 1,700 -80
.. 607 +1
. 395 -1
770 -10
,.962 "28
.. 722 . -28
Kyam Hakko .
ibowaSaiumaBk..
Kyushu El Power ..
Uon Coro . .
Long Term Credit ...
Jwlf 7 .
NDdcoSec . .
Nikon Coro - -
Nintendo - -
Mpoon Credit Baek
Nippon Oenko _
Nippon Denso — ...
Nippon El Glass
Nippon Express
Nippon Fire - -
Stapon Flora Mills —
Nippon Hodo . .
Nippon Kayaku
Nippon Light Metal —
Kiopon Meat Pack ...
Nippon Miitlag .....
Nippon OH .
Nippon Paint -
Nippon Road ........
Nippon Santo ......
Nippon Sharyo _
Ntawu Steel Om —
Nippon SMupan ....
NipooikShlnyaku ...
Nippon Soda -
Nippon Stainless ...
Nippon Steel .
Nippon Snisan _
fflpxnTVNnmt L.—
Nippon Yakin'""!!!
Nippon Ybmd .
Nippon Zeon .
lUiblmaUuGBostr...
N torn Diesel .
Nissan Motor .
Nissri Sangya -
Nlsshln Flour -
Nisdiln OH .
Nlsshlnfao Ind _
NIssIki Iwa! .
Nlssln Electric .
Ntsslu Food . .
Nllsnko -
NlttoBosekl .
Nltto Denko _
Nomura ....„ .
Noritake _ _
Yen + ui —
560 -1
597 -6
11.200 -200
5310 -190
386* -14
1,450* ....
1,420 ....
7i3 -6
585
621 -10
2300 -20
581 -2
620 -14
1.740 +20
462 -6
658 -14
555 -10
1,420 +10
425 -24
900
429 -10 -
525
1,140 -20
4S) -10
505
281 +2
485 +3
17,300 ....
629.000-4.000
46^. -A,
485 -fr
589 . ....
990 -10
443 +23
573 -33
1.150 -20
959 -2
969 -11
860 -6
411 +4
930 +9
2.210 -10
640 +10
350 -1
1,290 ....
1,310 +20
752 -24
i vme ;
477 +2
565 -15
, 1,148 -20
. 441 -11
.652 -18
554
3.720 -10
758 -2
775 -8
645
1.220 -30
965
1 370 -70
770 +2
500 ....
535 ~L
I^KW -70
2.240 -id
1.250 -«
2,160 -20 .
1,690 ....
420 -0
531 -1?
860 -13
850 +10
1.580 -20
336 -14
1.540 -190
330 -3
261 -7
911 +11
300
3.920 -HO
350 -2b
1.580 -
713 -18
&70 3°
IB i
MaedaCorp .
Maklno Milling .-
MakltaCarn _
Marubeni . .
Mraudal Food _ _
Mam I . -
Maruichi Steel ....
M'shHa El Ind .
M's/iHa ElWk ....
M'shltaKoto .
M'shlta Refrlg ....
Hrada Hour Crap ....
MeUl Milk .
Meljf Selka .
Mercian Coro -
Mlkwil Coca Cola...
Mlnebea .
Minolta Camera .-
Mktawa Homes .._
M'blshl Bk. . .
M'blrill Corp .
M’blshl Elec .
M'btel Estate ....
M'blshl Gas Chen...,
M'bbbi Heavy h* -
M'bishi Kasei .
M'Ushi Materials ..
M'bhtu Oil . .
M'bWii Paper .
M'blshl Pstchem...
M'blshl Plastics ...
M'bhhJ Rayon .
M'blshl Steel .
M'bishi Tr&Bfc .
M'bishi Wenhoese ..
MteubDOJ Belling.
Mitsui Co .
Mitsui Eng Ship.. .
Mitsui FlIdOSMl ._.
Mitsui Marine.....
MAsuINng&Sn
Mitsui OskLiue ....
Mitsui PttCfwn --
Mitsui Seko .
Mitsui Toatsu .
Mitsui Tr&Bk ...._
Mltsukoshl .
Mitsumi Elec .
MhraJI IroaWWfcS ...
Miauiie Sporting ...
ModildaPtiarm .. .
Mnrlnaga Milk .
MoriSelki . .
Mnrata Maaufact .
NEC Cora .
NGK Insulators ....
NGKSparfcPIng ...
NHK Spring .
NKKCwp- .
NOKCorp -
p^SK . . .
NTN Tnro Beiufng ..
Nadil FuJIkoshl ....
Nagesakiya .
Nagaee ....... _ _
Magaya Railroad -
Nauonaf House . —
NIcMI . - .
Nlchlrr) ..._ .
Nihon Cement .
NlhraiNtraan .
Nikon Parfcerizxig
Niigata Eng .
..542* +3 .
..762 -8
... 955 +5
- 638 -7
.. 1.870
..387 -5
..900 -13
.. l.lt>0 -20
.. 1^90
.. U310 -30
.. 1,040 -30
.. 1.780 -10
..621 -3
-422 -1
-951 +20
.631 - +1
..662 -7
.. 2370* -70
.. 452 -38
- 380 -15
..951 -48
.. 1.560 -30
..895 +2
464 -7
787
416 +6
814 . -11
50B +3
765
419 48
335
585 -30
840 46
966 +10
480 +3
550
407 -9
808 -13
623 -17
343 -2
384
635 -fr
536 -9
346 -9
657 +2
703 -2
900
% 3
sr
lira -fro
BZS -2b
955 -10
780
550 -11
254 -1
668 +10
535 —15
463 -7
390
1.080 -70
640 -ID
522 -18
1.710 -20
1,200 -10
65m +7
604 -1
480 -W
795 -25
535 +2
Odafcji Electric ftm — 660 * . +5 .
Ohhayash{-Guml — 5ffi -10
OH Paper- . 795 -5,
Mil Electric _ 390 -10
Otama Dxp _ _ 755 -15
Oknmtira-Giunl .... 762 -48 •
Olympus . . 985 +3
Omron Corp . . 1320 -10
Onoda Cement . 412 -3
Ono Pharm . 5,980 -120
Onward KasMyama .. 1J40 -20
Orient COrp — . 633 -18
Orix Corp . . 2.000 +20
Osaka Gas . . 422 . . +1
Pema Ocean . -55
Pioneer Elec — . 3.390 -SO
Prime Men Pack ... 545 -15
Renown . — 474 , +3 •
Ricoh . 5 » -2
Royal Co - - U5M ....
Ryobl . . . «0 -16
Sakura Bank . . 951 “22
Sandai . 579 -3
SaX- . }.»
Senm Bank . -«
SamvA Shutter. — 1,W0 -30
Sanyo Electric - 437 -14
Sjoto Kokusaku ... 551 +16
Sapporo Breus . 875* -15
Secom . . b,160 -20
Sribu Railway . 2.180 ....
Scfno Transport .... J.S90 +10
Selyo FoodSys . 1.020 -100
SfiWti . . . 1,150
SeKtei Chemical ... 740 +9
Seklsui House . 1.110 -20
Settsu Coro . 415 -3
SewrrtS iro . 6.900 -340
Sharp. - . . . 1-050 -20,
Shikoku Bed Pwr ... 2,150 -»
SblmluiCrap . ?U -X
Shln-EtSUChem.-l^SO -20
SMseldo .
Shoehlku . .
SholuBta Jutakir .
Shown Alum Ini um _
Showa Oenko —
Showa Elec Wire..
Showa Sangyo . ..
Showa SheffSefc ..
Skylark . .
Saow Brand Milk ...
Sony........: .
Stanley Electric ....
Somilonw Bakellte .
Sumitomo Bank ...
Sumitomo Cement ->
Santew Chemical ..
Sumitomo Corp ...
Sdmitrano Elect...
Sumftoau Heavy ...
SuffUnw Light M....
Sami torn) Merrae ...
SwnlteaoMeuHnd.-
SuwtuaBMeuilte —
Sumitomo Realty ..
Sumitomo Tr&BJt ,
SuriMwVfvcteSf -
Suzuki Motor .
TDK Corp....- . .
Tahei Corp .
Tabho Pharm .
1,400 +10
1.040 -30
4% +1
499 -6
286 *1
458 -4
505 -5
1.140* -20
1.520* .. •
809 -1
4.140 -40
580 -28
450
#
436* -9
789 +3
935 “2
412 -4
405 -1
704 + )
,772 -6
, 603
, 793 +16
,4,180 -10
,b&0 -24
,1,900 -80
Jnly7 Yew +nr-
Taiyo Fishery . 502 -18
Takaoka Electric... 461 -6
TakaroStaza . 600 -U
Takashimaya _ 935
TafcedaChem . 1.080 -10
TanafaeSetysku ....909 -38
Teflln . 430 -4
TelkukuOll . 612* -18
TekkenCorp . 687 -13
Th Grad Own lad ...669 -LI
Tobbhlma Corp .... 423 -22
Tobn Railway . 5&1
Toel . . . 517 -3
Tofao . . 13.600 -800
TohokeElsl Power ....2,470 -10
Tokat Bank . 885 -3S
Total Carbon . . 398* -lb
Tokico - . 385 -9
Toklo Marine . 992
Tokuyama Soda .... 416 -23
Tokyo (Bank) - 1.050 -10
Tokyo B’castlog .... 1,150 -70
Tokyo Dome . 1,510 -20
Tokyo El Pwr . 2390 -10
Tokyo Electron . 1,660 -20
Tokyo Gas . . 413 +3
Tokyo Rope - 615
Tokyo Steel . 2,930 -70
Tokyo Styfe _ 1.260 -40
Tokyo Car _ 500 -10
Tokyu Cora . 572 -fr
Tokyu Land . 400
TonenCoro . 1,110* -20
Toppan Printing ... 1.010 -40
Torn Ind . 629 -16
Toshiba Elect . 651 -3
TeWflB Eiq&Cmtr .. 970 -10
ToriiiM Machinery _ 664
Tosfaoko . 860 ^0
Tosoh Corp . 438 -4
Toto . . U570 -20
Toyo Construct .... 568 -13
TegMi Antom Loom . . 1,330
Tpyo Ink-'. . — 343 -28
T opt Kanetw _ 812 -12
Toyo SeOtan . 2,970
Toyota Motor . 1,430* -20
ToyoTIre&Rub . 436 -15
TcMTst&Bkg . 848 -2
TaUtadniDlta — 580 -10
Tsngaral . . 535 -7
UBCInds . 345 -12
UnlUka . 369 -1
Victor (JVD . 900 -10
Waeoal . 650
831 +1
840 -5
520 -5
2.490 +20
1.090
1300 -30
9&0 -13
1,830 -70
810 -30
479 -11
759 -6
870 -5
505* ....
949 +9
926 +6
586 -25
ZeuiCorp . . 536
AUSTRALIA
J*T 7 AnstS
AWA . . 122
Aberfoyte . . 530
Amcor . . . 7.71
AmpOtot . 3.45
Arnom . . . 7.20
Ashton _ _ 1.67
ANZ Bank . 4.04
Aust Gas Light _ 2.91
Aust Nat bus _ 1.97
BMP-...:. - 1434
BTRNytai . . 2.75
Bora) . . 353
Boug'vllle Copper . 035
Brambles Inds . 17.84
SI . 0.40
m - 0.71
Ip : — ... 3.70
OR . - . 4A2*
CRA . 13.90
Caltex Aust . ;... 2.40
ChlltiniCap . 0.85
Coal Allied Ind _ 10
CoeaCoUAnatll ....7.10
Colet Myer . U 82
Comalco . 4.17
Comm Bk Aust ... .7.38
CnKMer _ 1
Dominion Mng .... 040
Email . 5.95*
Energy Res-..- . 1-30
FAI Insurances 0.60
FlclchraChllnge ... 2 SB
Fosters Brewing.,, . L93
Gen Proa Tst . 2.30
Goodman Fielder . 158
Bardie Ul . . 2.84
Highlands Gold ..... 1.53
LCI Aust . . 5.45
Jennings . . 0 15
KldstoitGold . 132
Let* Lame . 1680*
MIM . . . 2.95
Mayne Nick less . 7.59
SOUTH AFRICA _ _
July 7 _ Rand + ra -
ABSA . 9.40 -0.20
AEC1 . 8
Allied Tech . 122
AngloAinCoal . 110
Anglo Am Coro . 11S.S0U-150
Anglo Am Gold . 210 . .
Anglovaal N . 74 -330
Bartow Rand . 52.50 -0 50
8uffels . 23.75 ....
CNA Gallo . 26
DeBeeisfCeMeoary- 85.75 -1.50
Deri kraal Gold ... 5.40* -0.10
Driefontein . 41* -050
East Rand Gold. . 430 -0 45
Elandg-and Gold ... 18 +0 25
Engen . - . 40 -1
First Nat Bank . 63 75 -0.40
Five 5u(f Com CoM - 32.25 -1
Genera . 11.90 -035
Gold Fields SA . 72.75 -0 25
Hanebeest . 12.75 -0 50
Hlghvrid Steel . 12.75 -0.25
ISCOR . 1.30 +0.03
Kinross Gold . 30 -130
Kloof Gold . . 25.75* -0.25
UbanonGokl . 1.95 -0.05
Liberty Life SA . 4530 -0 50
Malhold . 32.50 -0.50
Nedeor... . 17
OK Bazaars . 7.75 -0.25
Palabora Mng . 79.50 ...
Premier Gp . 41.75 -0.75
Rem bran® Grp . 25.15 -035
Rembrandt Catrl ... 1830
Rust Plat . 80. -3
Safmariae A te*e 98 +0.50
Sage Hltfs . . 11*
Smith ICG) Lid .... 122 -3
SA Brewers . . 56 -1.50
SA Man Amcor . 36 -1
■Tiger Oats . 44
TongaatHuleu . 2L75 ....
VaalReeFs . 173 -1
Western Peep - 90,50 -3
AUSTRALIA (cnrrtlmied) _
Jaly 7 _ AustS +nr-
Metal Mamrf . 2.49 -0.01
Minproc.... . 0.12
Nat Aust Bank . .7.96 40.02
Newcrest Mining ... 0.77 -0.01
News Coro . 21.60 -0.26
Nmndy Poseidon ... 1.07 +0.02
North BHPrico ... 234 -0.02
Pacific Dunlop .. 5.13 -0.03
Pancontlnenlal . 037
Pasmlnco . 1 56 -0.01
Pioneer Im) . 3.07 -0.04
Placer Pacific . 2.70 -0.01
QCT Resources . 1.12 +0.01
RenlsonGold . 5 46
Rothmans Aust . — 7.66 +0.06
SA Brewing . 2.95
Santot . / . Z78 +0.02
Smith <Hwd)_ . 3.4B -0.10
SoosoT Gwalla . 4.35 -0.05
Stockland Tst . 2.87
TNT . 130 -0.04
Telecom CorPNZ. — 132
Tyco Inw . 0.70
Wesfarmers . 5 98 +0.03
Western Mining. .. 530 -0.02
Westfield Hdg . 4.40
Westfield Trust . ..237 -0 01
Westpac . 3 48 +0.01
Woodsidepet . 3.86
HONG KONG
Jell 7 _
Amoy Props .
Bank East Asia . .
Cathay Pacific. ...
Cheung Kong .
China Light .
China Motor .
Cross Harbour .
Dairy Farm Inti ....
Evergo .
Guoco . . in
HSBC .
Hang Lung Dev .
Hang Seng Bank ...
Harbour Centre .
Henderson Im .
Henderson Land . ..
HK& China Gas .
HK & Shanghai HoW —
HK Aircraft .
HK Electric .
HK Land .
HK Realty &Tr* _.
HK Telecom . .
Hopewell Hldgi .. .
Hutchison Wpa . ...
Hysan Dev .
Jardlnelntl Mir ...
Jardlne Math . .
Jardlne Strategic
Kowloon Motor ....
Mandarin Orient ...
New World Dev ....
Realty Dev A .
SHK Props .
Shaw Bros .
Shell Elec Mfg
ShneDarijy. .
Sun Hung Kal Co ...
Swire Pacific A.. ..
Swire Pacific 8 ....
Tele Broadcast ...
Wharf Holdings
WlngOnCo .
Wlnsor Ind .
World Inti .
MALAYSIA _ _
July 7 MY8 + or -
Boustead . 2.64
Hong Leosa Dydlt 4 40 -0.02
Malayan Banking . 8.25 -0.05
Malayan Uld ind ... 240 -0.01
Multi Puroo» • • •• P-fB
Public Bank . 1.36
5lne Darby . 3.80
SINGAPORE
duty 7
Gold Storage ~
DBS . .
Fraser S. Nepve ....
Geailng .
Haw Par .
lochwpc .
OUB .
S pore 4Jr Froe . .,
Singapore Pre® .
Straha Trading .
TatLeeBanK .
(JOB .
Pits* dais supplied by Toteun.
NOTES - Prices an this sage are as
quoted on the individual exchanges
and are mostly last traded prices to)
unavailable. P Dealings suspended, xd
Ex dividend « E* strip Issue. «r Ex
rights, u Ex all
S*m Stock wgn Low Clou Chng
TORONTO
d.-OO pm prices July 7
Quotations in cents uivass marked S
600 AOIUOI Pr S15I3 16 >2 IS>2 -1*
48700 AgniuCa S6 6 J,
7100 Air Cda 500 465 XS5 -S
23200 Albrta En Sijl* 12*1 T2\ ~h
12100 AIOWQm 512 U dlSfg 121, -1,
291600 Alcan Al 325<z 25 ’a 2S>« -«a
132300 Am Be rr 533 \ 33s, 33li ~h
10700 Abo Cl 1 5/06 106 10G +U
241600 Bk Momr l
S3950P S Us it 1
36000 BC Sugar A
369900 BCE Inc
23200 Balmoral
28600 BGR A
95800 Bomb dierB
<00 Bow ViOey
4*600 BP Canada .
136500 Braraatea
6500 Bratcan a .
13*500 BrnkiMUr
28500 BC Ta4
10600 Broncra
10600 Brunswick
35400 CAE Ind
39800 Camotor
34600 Caoartdgv >
*7200 Cameco a I
9700 Chet! Dm
S15>3 16 >2 IS>i -**
S6 SJ,
500 465 485
6131* 12k, 12 S, ->2
512 u di2>a 121, -1,
225 *2 25 ’s 25*4 -«e
533 % 33*i 334.
5106 ID), 10). +I4
5471, 4«1| -1,
S22S, 22*1 22
W*g 9'« 9*, +^a
S4S*g *5 U 4SS, +J4
12 II 12
Y7 8-i 7
515 14l| 14^ *k
SIO^ 10% 10^
tiis, «■, it*, — H
07 80 80 -4
316*1 16** >6**
51 49 50
S30t« tat* ta>2 +S
516 184 18 +1*
SO *4 Sta 9G
se*i «*» s*j — *4
sa% git g\
517 16^ 17
S17*, 17 17
SI 51 SI
High
Luv CkNM Chng
Si9%
17%
17%
-1%
410
410
410
12$
IM
vta
-3
32
32
32
$5%
cs%
5*2
si:%
12%
12%
-*l
56%
6%
6%
57%
7%
7^l
-%
43%
43%
293
265
283
S7%
7%
-%
56%
5%
0%
510%
10%
10%
+*I
Sir
16-',
ir
360
d3*o
3*0
-33
S87e
fl%
8%
-*t
*13%
13%
13%
15100 CoaunOev
10100 CrewnX A
SOO Oemaon A
70000 Dorian
41600 Dofexo
4800 Donwm Tri
2370CO Demur im
62300 Du Pore 4.
76500 DuftMSocA
104100 Edw Sir N
SOO Empg Lid
40(000 Empire
3600 Eure Mev
16000 Finning $131% 13J, 13A
19090 fa Uui*> SI04 ID 10 -*|
7900 Foms 5!' % 21 *s 21*8 — *■
11900 Ftesessai si9>, 19 19 -*j
23900 FranoaNev MU 27^ 28 +1,
194100 Galactic 13 10 10
1000 Gondii A 316% 16V 16k
47700 QUrm, Gk! 380 370 360
4200 Granges 139 jjs 126 -5
200 GUN Live SU'a 14 G 14 >4
24300 Quit Cda n 65*, S*« 5>« -\
600 GW Utili S6 05*2 6
*a* «9Ch High Low Ckw* Chog
7W Laurenr Go 551, SI* Jt, +>4
4800 Union Mar 59*, S'; +>,
3400 Looraw $171, 171, ir>,
200 KarroSl A S6!, 6'a 6*4 +U
600 Hawker S* 524 k, 2414 341,
175300 Haee Inti Slit* d107i 10% -%
70800 Hwn OoM 59> 91* 9ti
11000 Holiingw $111, 11 it
200 Home On S16 18 18 -**
40300 Horsham S5S 9': g*»
471800 Caa&noekx £29 26*, tali
17700 Can Oedd 82/Si 27>* 27fc +>,
353000 Con Pec 51 at. 17% IS -*,
200 Can Hie 919*, 19% 19%
1*5400 CanTire A £18** IS*, 18% -*,
25500 Can UlII A £21 20% 21 +1,
1000 Can UUI B $21 21 21
300 Canamax 29 29 29
8200 Cantor £»% ta>* 28*J
400 CnPcFore* £27 27 26%
11000 Honing er $111, 11 n
200 Home On 516 18 18 -*4
40300 Horsham SSS 9** 9>* -*,
600 HMHBatMSS £E4 6*9 6*,
9400 uaomflxy . £ta>4 28 28G
69500 Imasco S35<* 35 3$ti +*i
33500 Imp Oil S44l* 43% 44 -S,
108900 Inco £38% 36% 36% -%
17300 Im Corona 55% 5% ih -%
Jiao') ImpruPipe $24% 24% 24%
S80Q J reveal Grp 524 % 23% 24 +**
900 ivaco A 455 *55 455 -S
601000 Cora Op
43$
420
420
-40
25900 Cascade*
ss%
8
8
-%
18UH Catenate
142%
42
«
8200 Crew Cop
II
dio
11
16200 Cinepi Onto
340
315
3t$
-00
1000 Cntrl Fd A
475
470
470
-5
80400 Ceminea
£22%
22%
23%
1000 Coputelog
48
48
48
2000 itennoch
$16
15%
15%
+%
1000 KerrAddls
S1S%
15%
IS
itaroo Laban i
S27%
2T%
27%
+■%
200200 Lac Mints
58%
8%
8%
1300 Lafarge
£17%
17%
17%
35400 Lmdlavi A
uS13
12%
12%
-%
*84800 Lam low B
u$13*l
12%
1=%
-%
£T7% 17% 17%
5 Mtcienile
3 Maori Bl
5 Magni UirA
3 MO UFds
3 Marti TAT
3 Mark Res
0 unsuffi e
7 Molofl Min
} Mlnnwva
j MHol Corp
) Mciaon A
) Moore Corp
1 Museocno
J Ml 8k Can
> Nana ind a
I KaancaFor
> Noiondo
1 NretCKB 12
) NorcnMVig
) Nth Teio
) Nrathgau
I Nova Corp
I Mamed WS.
I Numac Oil
1 l« Carp ■
I Oshava A
I PWA Corp
I Pagurian a
I Panedfl Pel
I Pegasus
I Ptaneer Mi
I PieeerOome
l Poce Pei
I Power Corp
I Power Fin
I Plain gre
I Ckmbnw A
l Hanger Oil
l Rayrock
l Reed Sien
i Reliman S
> Ren'ssance
Repap Em
Hio Algom
RojersCon*
Rommano
floyalBkCare
RflOar Mn
RyfTniStCO
56% 6% gi* -i,
Sie% le is -%
S30% 30% 30% — %
516% 15% 15% -%
319% 19% H*, -l*
486 490 480 -ID
S '6 14% IS
514% 14 14% ♦%
Sl6k 16% 16% >%
177 173 I7S «
531% 31 U 4-1.
521 % 21 Cl
6 6 6
S8% W% 6% -I,
56*3 8 % 6% -%
SB*4 B% 8% -%
519% 19 19% + %
523 % 23 23% -1
$21% 21% 21%
S4g% 45 45 -1%
75 75 75 *6
w% e% 8% -%
S8 a a -%
480 480 400
18% 18% — *4
5 5% ♦%
d290 no
M% «% -*1
17% 18 -*,
18 IB
12% 12%
425 425 -10
14% 14%
20% 20%
7% 7%
14% 14%
8*2 8% -%
8% 8% +%
26% 26% +1%
17 17 *%
14*4 14% -%
365 370 +6
16% 16% — *4
13% 13%
91 91 -1
24% 34% +%
186 186 -a
05% 5% — *4
High Low Qom Chng
1S9U SaawiCm A 50% 9% 9%
36200 Sceptre hs 35 33 33 -3
1600 SeoBPHWf i 514% 14% 14% -*4
34100 See IU Hoe $14% 14% 14% +%
266900 Seagram Co S»% 33% 33*4
4830Q Sears Can $8% 8% 8% -*v
11B00 SheiiCan A 541% <1% 41*2
104400 Sherrill <3 S» 8% 8 t%
>29100 5W. Svsl 310% 0% « +%
3000 SNC Group 5ii% n% f-
24500 Sanaa Gld SO 18 10
3800 Soulharei
$16%
15
'6%
+■%
WOO Spar Aero
$14 7,
14%
15%
+ %
30000 Su.ieo A
350
345
3*5
ii woo Tea S
UdM%
M%
20%
+%
4200 T-togkxw
$13%
13%
13%
-%
21500 Thom+Dn
$15%
l*%
15%
+%
*28800 Tor Ocm &
S'9
18%
16%
3200 Torsur 8
$21
20%
2t
+■%
1400 TreMIPtJAm
SO
8%
8
+*«
2203m TianaAlU
usn%
13%
1J%
-%
148200 Tranan P r
*17%
17%
17%
57%
7%
J26100 Trirro A
495
400
405
-30
23000 UAP A
u£'7%
J7%
3100 UnionEm
£14%
14*4
14%
+■>2
300 iJniie.3C.jrp
C7%
27 %
27%
+■%
3700 UmPjhIim
510%
10%
10%
_,1
57100 ViCviav fte
490
480
490
♦10
43400 Wcou3l E
SIC
15%
18
+%
600 IWSliM Cm
S37%
37%
37%
75600 WH2 B
Sl3%
13%
13%
+%
I - No voting r ignis pr reslrlcled voting r ignis
MONTREAL
4:00 pm prices July 7
74000 8omhre»ei6
SI5
14 >4
14%
-%
62200 Camraor
58%
8%
84
-%
51700 CJtenp 91 ■
S 29
28%
MV
100 CenMarcorv
£18%
18%
18*4
74500 Cascades
U%
9
9
-%
1400 Ckun.nT.T a
56%
6%
6%
212200 MacieanHnr
S' * %
11%
11%
104200 MaiBl Can
98 7S
8%
8%
+%
1800 Proviso
58%
9%
8%
♦%
11700 Oueoeca A
SI4%
14%
14%
5700 Teieglooe $13% 13% 13% -*i
8900 Vlde-jlron u517% 17% 17%
Total Sales l $.247,200 shores
INDICES
NEW YORK
DOW JONES Jui jui jui
_ 7 6 2
Akxkdhab 3295 17 SiJS 21 3330 29
Home Borah 10030 100 44 I00J6
Transport 1314 4b 1321 W 1324 74
inJIhits 21b 45 2132b 213 57
Since compilauOn
HIGH
LOW
HIGH
LOW
AUSTRALIA
3413 21
317341
3*1321
4122
All fad-iuna H/laBC)
0/6)
(2/13
J/W92)
12/7/32)
10830
98 41
100 id
54.99
(7/7)
120/3)
<7/7/92)
U/lfl/SU
Credhl Uhta 150/12/841
1467.68
1277 65
153201
12-32
0012)
(26/6)
15/9/891
18/7/32)
BELGIUM
22539
200 74
236 23
1050
BEUBil.'U9U
G/D
18/0
(2/1/901
(8/4/32)
DENMARK
STANDARD AND POOR'S
Caauxa/if t 409-16 413.34 4U77
412.88
420 77
39450
420 77
440
teuarlih
479.64
486 40
483 64
48599
(15/1)
49937
IB/4)
47091
U5/U93
499 27
0/6/32)
362
36. C
36.40
36.47
3635
05/1)
36.47
18/4)
3140
(15/1/92)
36.47
(21/6/32)
854
NYSE Caapaittf
225 15
227.444
226.41
226.75
0/71
231 85
18/4)
21792
12/7/92)
23385
U/10/74)
446
Aido MkL Vitae
38026
38258
38255
383311
05/1*
418 99
(8/4)
374 04
05/1192)
41899
(25/4/42)
2931
NASDAQ CompoiKe
55741
56337
563 J5
568.99
02121
644.92
C26A)
54704
02/2/9H
644 92
(9/12/72)
54 87
112/2)
(26/61
02/2/92)
131/10/72)
Don Industrial On. Yield
S & P MhftrUI Oi. yield
SAP ML P/E ratio
NEW YORK ACTIVE STOCKS
Ddlara Dept
Marion Merrtil
GTE Carp
Gate
Chrysler
Font Motor
Gan Maun
K Mart
Men*
AmerT&T
Stock, erasing Change
traded pried on day
5.797,7DQ 31% ■ 4%
3.968.900 27% -5%
2367.400 19%
2JU.00O 42%
23%. 900 40%
2. 02b, 500 21%
L9O02JXJ 50%
L903.600 32%
TRADING ACTIVITY
t Volume Mil
CANADA
TORONTO
Jui Jui Jui Jui _
7 6 3 2 _ HIGH
316L97 3168 99 320L74 3188.60 X3&87 llWP
341329 3426 91 3420 10 3408 10 3fabb DO (lb/D
TORONTO Jui Jui Jui Jui _ 1992 _
_ 7 6 3 2 _ HIGH _ LOW
Meats & Minerals 3161.97 3168 98 320L74 3188.60 323837 UbfU 2828 26(8/4!
Cbmpodlt _ 341329 3426 91 3420 10 340810 3fabb00 116/D 331810I8MI
MOHTREAL Portfolio 180933 1817.24 1806 18 1796 88 1937 59tlb/lJ 1727 04 18/4)
Bate values of all indices are 100 e>cept NYSE All Common- 50, Standard and Poor's- 10; and
Toronto Composite and Metals -1000. Toronto indices based 19/5 and Montreal Portfolio 4/1/
S3, t Eyeluding bonds.) Industrial, plus Utilities. Financial and Tramporutlon <c) Closed, tu)
Unavailable. * Corrected figure.
aOay's HJgt 3360 82 (3367571 Low 3285 71 (3295.98* l^l«*U9m ^ _
FINLAND
HEX Geoeni (28,12/9(11
2.88 420 77 39450 420 77 4 40 FRANO -
03111 (8/41 115/1*3 CL/6/321 CAC General 01/1382'
5.99 49927 47091 49927 362 CAC 40 l31/L2/87i
Q5/U mi 05/1/92) 121/6/32* -
K15 36.47 32.40 36.47 854
aw mi anm uno/74i f|S
6.75 Z3185 21792 23L85 4 46 D« i30/IS87i
(15/11 <8/4* 05/lf93 (25/4/42) HONG KONG
351 41899 374 04 41899 2931 Nbnq Sm tint
02f2l t*M> 02/21911 (9/12/72) iScnSn -
899 644.92 54754 M4.92 54 87 urn flwnll i4m<«i
02121 (26/61 112/2/92) 131/W72* gym'WWg -
Jim 19 Jun 12 year ago (approx.) Eaaa Com. lul i)972i
3H 303 _ 3.16 -
iun 24 Jun 17 year ug* (approx.) mike* 116/5/49'
- - - - - - ... - - - - Toim 2 (Topiii (4/1/68)
7-72 2.72 2.96 2* Seamn (4/1/68)
M-M 3103 _ I** MALAYSIA -
TRADING ACTIVITY
t Volume Mil Hares C8S TU RuiGea End 1983)
_ Jui 7 Jui 8 Jui 2 CBS ail 5ar 'Em 19331
Hew York SE 220345 186.410 220.130
Am 10.996 7.928 9.704 |M«5L dneifflllW) -
NASDAQ (al 134 773 194 651 fHUJPPltelS
- Manila Cawa B/l/85*
NYSE SINGAPORE
teas Traded 2JB1 2.292 2.281 SE5 HiUtrejaporr f2)4/15)
Rises 69b 980 936 south Africa
Falls 1.098 774 8» cold I2B/9/7B)
Unchanged 537 538 513 /SE lodiunil CB/9/7B1
taw Hlgks m n ISP south KOREA-
taw Lows 44 33 33 Camo l> I4BW0)
SPAM
UadridSE 130/12/85)
SWEDEN
Alfargrjrtden Ct« 11/2/37)
_ SWITZERLAND
Sms Bank Ind (3H12I56*
S8C General 0/4/87)
Jul _ _ TAIWAN”
2 _ HIGH _ LOW tffenw* Pm CMW.tW
74 3188.60 323831 (16/11 2828 26 (8/41 THAiLANO
IQ 3408 10 3666 00(16/1/ 3318 10 W4I Bang* SET iJ0/4p5l
- - WORLD
18 1796 88 1937 59 116/1J 172704 (8/4) MS C<HUI WIU/1/70HS)
,11 Common- 50, Standard and Poor s- 10; and two loa-lOO C2W6I90J
Jul
Jul
Jui
Jui
7
B
3
2
1660 5
7253
1663 6
72hi
16632
73i8
16617
730
38231
■>324
117044
382 62
928 26
1174 iki
383 30
93322
1174 80
385 14
932. Mi
117031
319 45
314 70
319 50
31761
74L4
7512
750 7
7540
509 74
50923
50925
50*80
754 6 935 50 (24/2)
504)4 50423 50925 504 80 55543 il2/5i
18/909 1868 52 188364 1873,52 2077 44 HI, »
697 36 100 46 698 92 699 /4 725 :6126151
14700 14812 19771 1930 4 2043 80 |25*S»
176751 1772J/. 1776 *8 176861 181137 ,'Xiii
5911 47 602477 tfl61 B5 tW 74 6134 75 U/7i
128082 128535 1289 3 L»28S 1469 57 U7/D
43420 44L35 44416 44451
852.0 8670 8730 8730
561 5* ih®
108600(5/2)
VII Hares
Jul 7 Jul 6 Jul 2
1645455 16657.07 16/17 78 1675/63 238CLI8 '6/H
127115 128754 124355 129169 17634316/1
1907 01 1919 73 191/03 1893 72 2459 85WU
5967 54575 59608 Vl 6190MMJ2'
314 9019/6)
21550 CW5)
4%
HnvYorirSE
22034b
186.410
220.130
.
M.
Aon
10.9%
7.928
9.704
+
%
NASDAQ
(al
134 77?
194651
+
h
|_
NYSE
“
teas Traded
2281
2.292
2.281
Rises
696
980
936
’ u
Fans
1.048
774
832
"
■2
4.
Unchanged
537
538
513
U
taw Hlgks
10?
73
107
taw Lows
44
31
?3
596 7
59575
59608
2995
204 6
3001
2051
3015
206 0
66139
68253
67858
Id
149633
1477 16
39932
400 78
40100
1066 04
4367.%
10850
4435 0
1099 0
44990
535 34
535 72
54720
23629
23674
239 44
8944
9041
9146
847 9
6428
id
Id
875 9
6578
4432.2
451197
4455 98
73LB2
73162
738 86
503 9*
503 7
5037
90262
90337
910 82
417 4 1014 50(11/5)
872.8 8£3 40 (11/5)
653 4 68230 01/5)
54210 17/ 1)
476 55 125/5)
15*530 14,' 4)
660 JO 17/H
317 24 C2/li
901 64 !Z/1>
4755312/U
174991 (2/D
64J26I8/U
181)80(8/1)
15/8 7) (8/11
43420)7//)
653 Ofl (7/7)
15741 Ti 124/6)
11961419/41
186882 130/61
2140018/11
19240 iSlU
100600124/41
4164 0) OJV
748 5018/L)
60L10 181 L*
4c7 50 l8/4i
87031 (2/U
- Saturday July 4 Tjlwa Weighted Price- 453431. Krwa Comp Ei 545 41
£ Subject u otlioal recalajiaUM Cainiaud at 15 00 GMT
Base values of all indices are 100 eicepL fltmrta Traded. BEL20 HD Gen. MIBGen.. Eura Top-100. ISEOOwnii
and OAK - 1000 )SE Gold - 255 7. JSE 26 Wosuiah - 264 3 and Australia ail Ordinary and Mining- WO ic!
Closed UP U/ura iWfilt.
TOKYO - Most Active Stocks
Tuesday 7 July 1992
Stocks
Closing
Change
Slocks
Closing
Change
Traded
Prices
on dev
Traded
Prices
ore day
Taiyo Fishery .
6 Bits
Stt)
-IB
Meiji Milk Prod
2 4m
951
+ »
MiBuorahi Meter
5.8m
416
‘6
Qieen CiO« .
2 Jm
1.060
-20
Suzuki Molar
5 Im
783
T 16
Sanvo-KoAusoku
Mm
£51
* 16
Kou Dentp .. ..
3Jm
900
* 32
Daikyo Kanho .
Z lm
730
■47
tStilan .
25m
1.540
-180
Toyama Chernc)
1 9m
747
-4
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FINANCIAL TIMES \
i mtJi i mv»in »i»wm 4
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34
$ <f>
FINANCIAL TIMES WEDNESDAY JULY 8 1992
4:00 pm prices July 7
NEW YORK STOCK EXCHANGE COMPOSITE PRICES
1992
High Low Slock
15 V 114 AAR Corp
» 184 A l Ida A
684 »% AMP Inc
804 m \ AMR
24 i%arx
534 384 *SA
BC
VM. Pi Sis
a*. % e ioo«
0-H 3 7 20 37?
0 18 0 0 853200 21 4
I 52 2 B 72 859 354
1D0933 87
7 13 iV
01*00
Ckrte Pm.
Low Quota Oou
13 13 -4
20% 71% +%
»% 3*% ~H
954 83% -4
1% i%
£.40 < 8 27 6*6 *1% 41% 41%
344 »% Abboll Lib on 10 22W77 304
137, 13 Atuhb, Pi 0 50 35 9 8 13
11% IQ%»CUWIAi 111101 «2 ll*|
10% 9<| ACU GaOp# ■ 0 94 B 8 3o7 94
9% 8%ttHWS#« 0 93 99 2M 94
114 104 AOU Oil So 113 104 515 M
9% 8% ACM Uaa ■ 0.98 lO-J 310 u8%
?2V i04*Ulu*usii 121 10 8 279 11%
11% 4% Acme Cieve 0.40 6 7 20 259 6%
04 4% Acme Elect * 18 4%
334 10% Annw 12518 20%
134 104 AJdms UW 103 8 8 0 SB 10%
43% 29% Ad Micro 300 9 8 947 31
21% 7% Ad Micro P 3 00311 37702 7%
3% 5 Aovosl Grp 0. 18 2.4 01 M2 4%
38 33 Aegon ADR 1.48 48 8 8uK% 084 384
47 38%Aem.iU 7 70 0 5 01910 <3% 42% 42% -1%
12 8% AIM A 0.2A 2-2 I2> 19$ 11% 11 n%
32% W Aflac 044 14 16 086 31%
19% 15% Anmanson BOB 6 3 72514 17
t£b 5% AAetm We 6 888 6%
49% 30% A» Aram. OM ;i 17 7« 43% 411.
13% Airtuiu Fn BOO Z2 111200 14% dial.
28 444 31% 30%
29%
13
11
9%
8%
10%
9%
114
2
194
18%
30% 30%
7% 7%
6% 4%
»V
12%
11
9%
94
10%
9%
11%
0
4%
*4
-%
+*»
+%
-%
194 -1%
18%
+%
+4
+4
29% 30
a a
12 12%
* «%
18% 18%
30%
10%
6
31
■6%
6%
41%
13%
31%
11% 10% 11%
J 102 102 100%
2 103% 103% 103%
J 103% 103% '03
30 10% 10%
14%
21
♦4
-%
-%
-1%
-1%
+%
+%
10%
19
34% 27% Al/gu InC
12% 0% Airteaso » I 6B 14 9
104 99% AlaPw0 16 0 16 0 ■
106% 101 % Also Pw 9P 9 00 0 7
1051004 Alab 128C 0 20 8 0
1 1 S3 10% AlePwDpPI 007 0 1
23% 17% Alaska Air 020 II 111 233 19%
21% 14% Albany mt 036 2 3 34 1 51 1S% 15 15
52 21% AlCulwr 8 0 24 1119 255 23 % 22% 22%
25% 19% AiCulm A 0 24 1 1 18 472 21% 20% 21
44% 304 Albortsons 064 I S 211591 <3 il% 41%
22 4 19% Atom A turn 000 2.9 701088 21% 21 21
42% 33% Alco SlaiM 0 92 2-3 171794 37 % 50% 38%
23% 15% Ale'0/cwn 040 23 4 631 10 17% 17%
23% 18 Aiecr Ale> 1.00 4 5138 210 22% 22 22%
20% 27% Allegh Lud OBB 2627 85 35% 24% 24%
as 4 41 % Allegri Paw 3M 7 1 122772 45% 44% AS%
21 32% Allen Up I 75 7 9 47 2S 2«4 25
JO 107, Alien Coo 0 20 1 0 12 91 20 19% 19%
27 >4 20% Allergan 030 15 27 321 23 % 23% 23%
29% 29% Allnco Cap 2D6 85 14 376 347* 337, 34%
12% 9% AHnco Ol 0.18 1.8 32 10% 10 10
0 82 4 1 04 3 19% 19% 19%
100 19333399 52% 51% 51%
0 75 7.1 223 10% 10% 10%
0 72 7 5 349 u9% 9% 9%
0.78 7.5 «S 10% 10 10%
0 09 7 1 151 9*4 9% 9%
1 40 2 7 171597 38% 29 39% ♦%
22 752 6% 0% 0% +%
1.60 2.21555401 73 % 71% 71% -1%
2231 47% 48% 46% -7*
242 It 10%
21% 10% Ala Irish
01% 40% aim S<9
10% 9% AttIMunTr
9% 9 AMItACOp >
10% 9% AhRMnlnc 1
10 9% AlfUtfnlnc 1
40% 24% Afllel Crp
8% SI 1 Allwaste
80% 81 Alcoa
55% 2B 7() Attj Cp A
11% 10% AmGmWC s 090 6.9
6%
20
H%
%
10%
44%
10%
-»2
«■%
+%
-%
-%
+%
-1
-%
"%
-H
+%
-%
+%
+%
-%
-%
♦V
+%
-1%
+%
+%
efc*go
,932 Yld. P/ Sta CIO*# Pm.
MqhLow Stack «»-■*. e 100* HWi LraOeataCkUta
41% 29% BnnMrlnt 29 190 32% J > 'S % “%
90% 62% Bristol M > £76 4D 101*0 87% 98% 99% -%
37% 39% Brti Airwy 344 fl.7 $733 51% 50% 81% *%
49% 40% 0<k Gas 2.75 7.7 C 114 48% *9% «% +1%
06% 46% BP ADR 4.04 B-* 67*970 50% 40% <8% -%
3l% 27% BP PrudhM 32*108 7 603 J0%
1% ailBPWleM 882 0.1$
15% 11% Brit SUM T87U 5 7 420 17*2
66% 53% Brit T«i 440 8 7 II 318 66%
21 ISV Bnua We 020 1 2 II 891 18%
32>- 28 Brockhn 0 > 194 09 11240 31% 31% Jl%
«J Ti BrwnFgnnnB £** 3 0 15 119 B1 % » *JV
28% 21 Brown Grp 100 7 0 43 154 23 22% K%
10% 5 aicwnSSlirp 032 6-029 169 S;4 5% 5%
24% 19% Browning F 30 IW396 23% »%
3% 1% BBT \ 19 *
17% 13% Brunswick 0.44 3.1*751670 i*S ]«% ]*%
19 12% Bruan Well 0.20 '-2 9 ifr* 18% 18% 16%
!SV 25% Buckeye PI £80 9.1 II « 28% 29% a%
16% 15% Bunker Hit 1.44 90 0 W 10 '3V W
14% 11% Burner K 1 1 5« 10.0 19 47 H% 14% 14%
25% 10% Burl Cool >0 127 18% 10% »8%
47% AS Burl North 1-20 3 2 123420 377* 27% 37%
42% 33 Bunn Reec 070 2 0 242134 38 % 35% 35%
-a
+%
+5
-%
+%
+%
-%
-%
-%
-%
-%
0% 0% Am Prods 0.22 J 2 14 14 fi7,
23% 16% Amat 0 80 4 01081254 20%
12% 8'- Amu Gad 008 0 7 39 195 11%
|] a Aeibue Cp 0 738 13
25 15% Ameasl Ina a 48 20 12 275 17%
49% 28% Amerada Hi 0 60 121321573 45%
10% 10 Am 40] H r 0.79 7 7 170 10%
29% 22% Am Boirldv 0 II 0.4 382360 28% 28%
23% 11 % Am Br2-75 275 87 2 31% 21%
49% 42% Am Brands 1 75 17 111818 47% 48%
40% 24% Am Build U 100 2 0 12 50 35% 35%
31 % 23% Am Did Prd 0 70 2 0 15 180 25% (C3%
8% 7% Am Cap Inc 0 84102 US 8% 8%
20% 18% Am Cap Bd 168 0.3 25 B2u20%
20% 10% Am Cap Cv 130 8 9 0 20 19%
68% 57 Am Cranamd I 85 2 9 141267 58%
34% 20% Am h ivmr 240 7 2 122763 33%
24% 20% AmE*'iu . 1D0 4 2 ISMB7 u24% 23% 23%
497a 40% Am Gem Co 200 4 3 101187 48 40% 48%
11
8%
20
11%
13
16%
45
10%
28%
31%
47
35%
24%
. 0%
20 20%
19 19%
56% 56% -1%
32% 33% +%
-%
-%
-%
-h
-%
-%
+H
-%
-%
+%
9 8AmG<MlP
37 37% Am Him Pr
32% 23 Am nentji 1
04% 00% MIMii
3% 2% Am Howie
94% 82 Am Ira Gr
2% % Am Intm
8% 1 % Am InH PI
1 1 U 10% Am Cwp Inc r
4$ 10% Am Presdl 0.60 14 9 692 43%
10% 7 % Am Aui Es r ISO 19.7 5 48 7%
3% 2 An Ship Bd
J7 30% Am Siom .
44% 36% AT&T ■
18% 16% Am WWr 3H
20% 20% Am Warr
0 78 0.7 319 u8 87, 9 +%
266 9? 142993 29 % 28 38% -2%
0 84 27 15 S 31% 31 31
2.60 3 5 '67SF 76% T4% 74%
0 7533 3 10 5 2% d2% 2%
0 58 0 0 114490 88% 07% 87%
11340 % d,% %
2.0094 1 148 2% d1% 2%
102 9 2 119 11% 11% 11%
42% 43%
7% 7%
33 2% d2 2%
a 70 20 102018 35% 34% 34%
1.32 3 0 87 17105 44% 43% 43%
125 7 1 z100 17% 17% 17%
0 93 4.1 10 506 22% 22% 22%
06%
29%
%
15%
11%
6
28
3%
M%
9%
29
50
05% 40% Ameniecti k 353 54 143103 65% U%
36% 29% Ameron We IDS 4 3 10 15 30% 29%
2% A Amos Di Si 0 79 £ %
10% 13% Amatah Inc 0 68 4.4 18 862 15% 15%
11% 10% Amev Sec 1.08 9 5 1 65 11% II
51% 41% Amoco 220 4.6 243640 48% 47% 47%
8% 0% ArnpcaPHl 0 30 4 0 B 12 7% 7% 7%
12% 5% Amra We « 0.12 24)27 <2 8 0
31% 21% AmsouBi 1.04 17 121025 28% 3
5% 3% Anacomp 8 215 3% <13%
27% 18% Ansdarl.0 a 30 1.3 531063 24 23%
11% 0% AnelOJ Onr 075 337 g% 9%
40 28% Angelica 0.92 3D 12 342 29% 29
80% 51 % AnherBsch 1.12 2 0 1602U 57 56
26 25% ANR PpePI 288103 7 28% 23% 20%
47% 33% Anthem 17 425 38% 35% 35%
14% lOAnttionyln 044 40 16 >3 11% 11 11%
47% 33% Aon Corp 1.68 3D 11 631 47 48% 48%
16% 12 ApscW Cm 1 0 28 1.0 271125 16% 15% 15%
11% (0% Auer Hui f 091 62 246 11% 11% 11%
10% 8% APH 14 508 5% d8% 0%
192 06% Ago&BNrP! x 612 6 1 el® 00 100% 100%
0% 5% Apple Mas 4 46 0% 6% 6%
32% 23% ArcharOon 0 10 0.4 1S71S1 24% 24% 24%
47% 36% Aron Chvml 2.50 5D 21 142 45% 44% 44%
11% 5% Arc Alaak 11 467 11% 11% 11%
12% 6% Arlda 0D8 311004454 9% 0 9
36% 29% Arlda PI 300 8J 32 36% 36% 36%
44% 32% Armood BP 4.5010.4 3 43 % 43 43%
7% 4% Armco Inc 15488 7%
24% 19 Armco DTP 2.10 9 1 9 23%
37% 26 Armstrong 1D0 4026 344 30%
6% 6%
23% 23%
30% 30%
31 31%
19% 19%
»% 6%
-%
+%
-%
+%
+%
-%
+%
+%
-%
-%
+%
+%
-%
-%
I
+%
+%
+%
-%
“%
-%
3
10 14% Bunywm Pe 1 38 8 7 47 230 15% 15% 15% -%
- c -
37% 30% CBI tad 046 1 4 20 347 33% 33 33%
209% 132% CBS loe 100 0 5 32 511 197% 1« 1S6%
1% % CCX l« 3 22 I {1 I
% %Cf IncUB 01664.0 0 6 % d% %
22% 147, CU3 Energy 0 48 3.031* 482 18 15% 15%
104% 78% CNA Flnf $ 158 08% 9S 65
46% 39% CPC Irdl s IDO 2 8 175629 47 % 48% 47
27% 19% CPI Corp 0-56 2.7 12 76 21% 20% 20%
67% 54% CSA 1-52 24 951975 63% 62% 62% -1%
24% 17%CT5Corp* 0 75 3 1 30 39 2* 23% 23% -%
33% 26V CMMVKra » 0 43 £0 19 1» 30% 30 30%
657, 42% Caoteuon 21 607 48% 47% 47%
47% 31% CAtxri Corp 1.04 23 10 959 46% 44% 44%
14% 10% Canal O&Q 0.18 1 33B 401 12% 12% 12%
29% 18%CMneeD>gn 353750 20% 19% 79%
41 25Caesar)WI 92044 29% 2B% 28%
2% 1% Cal Real £ 0DSI3J 7 8 2 1% 1%
4% 2% Celled Inc 012 33 0 670 3% 3% 3%
26% 16% Catflon Con 21 237 19% 18% 18%
28% 22% Cdllmel Co 0.64 2.7 38 33 24 % 24% 24%
1% % Cal Bit Inc 0 37 A -J A
*3% 31% CemgtMl' 3 0 76 £1 192226 37% 30% 36%
A % Campol Rs u 27 U A u
16% 13*1 Can Pec 0J2 21 53424 15% 15 15
467410% Cep Ciuee 0J70 0 0 20 394 448% 438 440 -8%
63% 52 Cap Hldg 1.32 £1 1 1 *-09 82*4 61% 61% +%
31% 24% Capsid 1 6 1D0 3.8 42u31% 31 31% 41%
35 % 27 % Capsid Mge 3.30 9.1 11 717 uJ5% 34% 35% 4%
% % Careercom 0 SO i‘i % ii
45% 35% Carlisle 1D8 3 0 61 104 43 % 43% 45%
3% % Caroled Pc 0 !«4 1% 1% 1%
20% 12% Ceroma Fr 060 4.7 159 168 12% d!2% 12%
54% 48% Ctrofta P« • 3 10 6 3 101085 50% 50 50%
so% 44 Carpenter 2.40 54 10 1W 44% 44% 44%
2% I % Carter Haw 0 173 1% 1% 1%
45% 227, CenerWal 033 ID 23 937 28 % 27% 28%
23% 20% CeseneH G I 40 8.1 21 17 23 22 % 23
13 8% Cash Amer 0 05 as 11 SJ9 10% 10% 10%
82% 41 % CacmpHir 060 ID 103284 91% 50% 50%
10% 6% COI Corp 21 01 0% 7% 8%
21% 17% Cmzv Fair • >66 7.911 123 19% 19% 10%
28 23% CnHudCEPI UU 7.3 6 25% 25% 25%
47% 28% Cental C(P 1 080 3.1 21 392 73% 29 29
20 16% Centerlor 160 9 0 112021 17% 17% 17%
55 39% Came. Crp 0.40 0.9 20 103 46 45% 45%
29% 25% CMHdM r ZOO 70 11 320 29 £8% 28%
26% 23% Cenir LOul 27611.0 12 171 2S% 24% 25
23% 19% Centrum .1 156 6 9 11 183 22% 22% 22%
23% 19 Cenir Note 0.40 ID 20 403 20 % 20% 20%
34% 2£>% Cent! vrrm 208 65 12 42 32% 31% 32%
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[
N
"X
FINANCIAL TIMES WEDNESDAY JULY 8 1992
NYSE COMPOSITE PRICES
♦ 4>
35
30% TD%-Teradyn*
10% SVTMk
. 5% - 5 Terre indg .
8s* 4% Tainra tat
»% 60% Texaco
■sell sz Teuco c
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Continued Irom previous page.
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24 16% MenlAlin 0.16 0.7 ME 848 23% . 22% 22% ' -%
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&% 18% Waben Inc 191096 20 19% 20
68 GB% Wachovia 200 32 21 702 89% 6S 02%
31% »% wachenma ana 2.3 12 8 29 ezs% za%
3% 3% Walnoco 2 134 3% 3% 3%
39%. 30% Watgroen 052 1X191697 35% 34% 34%
27% 21% WaHaeeCS 0.54 2X 13 162 23% 23% 23%
59% 50% WatMart 021 0438»t» 59% 53% 53%
9% 5% Warner Ine 17 10 9 6 6
79% 59% WamwUab 2.04 3X 513502 03 % 92% 62%
36% 31% IMSgi OU- 1 2.14 8.0 14 81 35% 35% 35%
20% 15% Waabgtttat 1.08 5X IB 3*2 u20% 18% 19%
2*6 192% WashfltPMB 4X0 1X22 10225% 224 S2*
46% 32% WasMMfrinc 0X2 1X2612X5 34% 34% 34%
12% 0% WatUnsJn 049 4X 3 137 10% 10% 10%
8% 3% Wmoran ind 012 2X 77 40 4% 4% 4%
a% 2 Wean me 10 0 2% 2% 2%
23% 15% Wet* (Del) 020 1X18 MO 19% 19% 19%
35% 29% Welngerten 1X6 6030 51 33% 33% 33%
0% 3% Wainon 52 064 109 2 2 5% 5% 5%
27% 29% Weta MM9 0 80 2X 13 158 23% 023% 23%
31% 20 Wotunan 0.12 0X 15 210 22% 21% 22
86% 56% WtUFargo * 2X0 Z7HB1B18 74% 73% 73%
13% 9% Wendys Ini 0X4 2X202600 11% 107, n
23% 18% West Co .0.40 1^30 40 23 22% 22%
42% 26% WeatPTP 1W 30 38 % 36% 36%
U% 12% wetneat E 0.87 5X 12 78 13% 13% 13%
6% 2% Waste NAm 6 117 3% 3% 3%
0% 2% Wat Dig 1 487 5 4% 4% — %
22 14% weatnOa a 0X0. IX 20 617 19% 19% 19%
10% 13% weatn Mng 0X2 04 II 5 15% 15% 15%
28 25% Wain Rea 23701128% 20% 20%
21% 18% WestinghEJ 072 4.1 3S020 .17% 17% ir%
16% 11 Wahi Waste 53 9 11% 11% 11%
17% 12% wewpae 1.76I3X 8 IS 13% 13% 13%
41% 33% weatveoo 1.10 2X 10 708 38% 37% 37%
37% 26% Weyemaera 120 8X 947025 33% 30% 31%
36% 26 Wheelabrir OX* 0.1 17 J79 28 27% 27%
48% 34% Whirlpool 1.10 30 14 524 38 % 37% 37%
13% 10% Whitehall 3 19 11% 11% 11%
10% 12% Whitman 026 2X 1623*5 13% 12%
14% 10% WhUaher 7 107 10% 10% 10%
20% 22% Wlcor Inc 1.49 62 10 57 24 24 24
10% 7%wmcai«G a 10 1X52 51 10% 9% 10
40% 27% Wmtarna US BA 13168* 20 % 26% 28%
9% 6% Wllshlro 59 11 7% 7% 7%
6% 4% Wind mare 12 221 5% 5%
46% .36% WtnnDode 1X2 30 18 113 44% 44
0% 3% WIlHMCago 27 132 6 % 5
27% 17% WtacEnergy 1.30 4.7 146186 u27% 28% 27%
30% 28% WteePuoSv 1.70 6 613 496 u30% 30% 30%
46% 40WHCO Corp 1.84 4X13 469 44 % 44% 44%
14 9% Wohertoe k 0 18 f 9 26 20 10 9% 10
32% 26 Wool worth 1.12 4X 731320 28 27% 27%
14% 12% mud Wide 0X4 6.1 10 14 13% 13%
12% 0% WortdBarp 17 441 7% 7% 7%
86% 66% Wrigley 1X0 T.3 22 213 78% 78% 78%
16% 12% Wyle Libor 026 2.0 IB 240 14% 14% 14%
22% 18% IWynnS Int 0X0 28 7 55 2T% 21% 21%
+%
+%
-1%
-%
+%
-%
-%
-%
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-1
13 -%
5%
44%
6
82% 68% Xerox
83% 80% Xerox*. 125
28% 24% Xlra 1X4
37 28% Wrn Carp
27 25% Yankee Egy
1% % Zapata
11% 6% ZenltnEiec
19% 14% Zenmi Nei
7% ezenlxtac
13% 10 Zero Corp
38 27% Zurn ind
t4% i2Zn%Fm*
IT 0%2mlBTaax
X - Y - 2t -
3.00 4X 171646 70 60% 69% -%
2100 52% S2% 53
1 94 7 0 12 27% Z7% 27%
090 23 12 62 35% 35 35%
1X6 5-1 12 32 u27% 26% 27% +%
43 01 U % % -/*
3 295 7% 7% 7%
1X0 S3 0 237 19% 18% 18% +%
092 11,7 128 7 6% 7
040 3X IB 148 10% 10% 10% -%
088 3.1 31 177 28% 26% 26%
1.16 03 381 12% 12% 12%
096 BX 90S 10% 10% 10% -Fjf
Price data supplied by TeMura.
Yearly Hgha and Iowa reflect die period horn Jan 1.
excluding the fadeat trading day. Where a spot or nock
ifivtdend amounting Id 25 percent or mote has been paid, die
year’s high-only range and dividend are shown tar die new
Stock only. Unless otherwise noted, rates ol dividend are
annual disbursements baaed on die Invest declaration. Sales
figures are unofficial.
a-dhddand also orafs). b-anmiel rale of dividend phm stock
dividend, c-flqui dating dMdtmd. dd-called. d-new yearly tow.
e-dMdend declared or paid In preceding 12 months, g-d hi¬
de nd In Canadian hinds, subject to 15% norwesldanca tax.
[-dividend declared alter apllt-up or stock dividend, j-dhhdend
paid (his year, omttled. deferred, or no action taken at I Blast
dividend meeting, k -dividend declared or paid this year, an
aecum4aBwa issue with dMdendB In arrears, n-new Issue In
Via peal 52 weeks. The high-law range begins with me start ol
Hading, nd-oext day doHvety. PTE prica-namings ratio, r -divi¬
dend declared or paid In preceding 12 months, phis stock
dMdcnd. a mock split Dividends begin wtUi dale ol sp«.
sto-sales. Vdlvidsnd paid in Stock in preceding 12 months,
estimated cash rahie on e» -dividend or ex-dWributlan dan.
u-new yearly high, v-tradlng nailed, vl-ln banVruotcy or
tecefverahlp or being leoigantaed under Die Bankruptcy Act,
cr securities assumed by such companies, wonfisiributed.
wl-whsn Issued, ww-wtth warrants *-e*-<fivtdand nr nr -rights,
xdta-ax-distnbuttan. kw- without warrants y-SK-dhridend and
AMEX COMPOSITE PRICES
*00 pm prices July 7
Stock
91
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WE’RE THERE TO RELY ON
IN TEL AVIV AND TOKYO.
In fad the Tokyo edition of the Financial Times is in the hands of its readers some seven hours
ahead of Europe. Wherever your business takes you. rely on ihe FT <o be pari of your business bnefing.
It’s in hotels and on newsstands all over the world.
Any problems cal! the FT Copylinc on 4V 69 15685150.
'"financial .TIMES
tu«a»f i annum maWli
NASDAQ NATIONAL MARKET
4M pm prices July 7
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WORLD
TEXTILES
The FT proposes to pub¬
lish this survey un
September 10 1992.
Textiles are one of the
most heavily iruded
goods in the world. To
discover what the FT is
planning for this survey
and how Lo reach our
international audience of
decision makers, finan¬
ciers and government
administrators' contact:
Ruth Pincombe
Tel: 06I-B34 9381
Fax: Obi -832 9248
Alexandra House.
Queen Street,
Manchester MJ 5LF
FINANCIAL TIMES
IU»QI| 1 HIPMUlmWIWMI
H
1
V
X6
WORLD STOCK MARKETS
FINANCIAL TIMES
Wednesday July 8 1992
AMERICA
EUROPE
Heavy program selling
spurs decline in Dow
Lower dollar weighs on most bourses
Wall Street
US STOCK markets Tell
sharply yesterday on heavy
premia m selling and continued
investor uncertainty about the
outlook for the economy and
corporate earnings, icrites
Patrick Han-erson in New York.
At the close the Dow Jones
Industrial Average was down
•14.03 at 3—95.17, with the bulk
of the losses incurred in the
final hour ot' trading.
The broader based Standard
& Poor's 500 moved in similar
fashion, ending 4.67 lower at
409.17, while the Amex compos¬
ite fell 2J32 to 380.26 and the
Nasdaq composite S.77 to
557.40.
Turnover on the NYSE was
heavy at 220m shares and
declines outpaced rises bv 1015
to 690.
Ever since the Federal
Reserve cut interest rates last
week in reaction to bad
employment news, the market
has struggled to find a direc¬
tion. Investors are hoping that
the rate cut will trigger a rush
of funds into equities, as hap¬
pened the last time the Fed
eased, in late 1991. but concern
about the economy and second
quarter earnings is keeping
enthusiasm in check.
Among individual stocks,
Georgia-Pacific fell S4J* to S55
in heavy trading after the
wood and paper products
group issued a warning that its
second -quarter results would
be only slightly better than
break-even mid well below the
S33m profit it reported at the
same stage a year ago.
Other paper stocks fell in
sympathy, with International
Paper dropping S2'-i to S65m.
Louisiana-Pacific falling Si's
to $41 7-i and Weyerhaeuser eas¬
ing $2*.* to S31 '
Digital Equipment, bucked
the trend, rising $54 to S34li as
investors bought the stock
ahead of yesterday's expected
overhaul of the computer com¬
pany's product lines, which
will include producing new
machines for the mainframe
market.
Other computer stocks
opened firmer but fell on the
late program sales, with Hew¬
lett-Packard down Sl'-J at
S83-«. IBM down SI1, at S96V,
and Motorola Sl.4 weaker at
$75 ’i.
W R Grace fell $114 to $3214
in turnover of lm shares after
Lehman Brothers, the Wall
Street broking house, reduced
its rating on the stock from
“outperform" to “neutral”.
Motor stocks were mixed,
despite news of Lower oil
prices, with Ford up S'.i at
$42?«. General Motors
unchanged at $40<V« and
Chrysler S'.i lower at $19J/«.
American Health Products
plunged S2Tt to S28H on the
news that the company plans
to divest certain psychiatric
properties. Although the com¬
pany said the divestment
would not threaten its divi¬
dend. a writedown may be
required;
On the Nasdaq market,
Micrografx plummeted S5 ?5, or
43 per cent, to S7V* after the
software company said that
charges relating to a cancelled
secondary stock offering and
othor non-recurring costs
would mean that it will report
only , break-even per-share
results for the fiscal Qrst
quarter.
Canada
TORONTO stocks dosed lower
in active trading. According to
preliminary data, the TSE 300
composite index fell 10.62
points, or 0.31 per cent, to
3,416-29. Declines led advances
by 298 to 219. Trading volume
of 30.8m shares was above
Monday's 20.6m, and trading
value was CS361m compared
with C$242.6m.
Ten of the 14 stock groups
closed lower. The industrial
products group posted one of
the day's biggest declines, off
1.17 per cent on index.
Energy and golds were down
moderately. ; and financial ser¬
vices, mining, and consumer
products were little changed.
ANOTHER plunge in the
dollar, taking it down through
DM1.50 in London, was blamed
for falls on most bourses,
unites Our Markets Staff.
FRANKFURT was disap¬
pointed that prices had failed
to react to Monday night's
compromise in Bonn on a 30
per cent withholding tax on
Interest income. But it took
some comfort from the US trea¬
sury secretary. Mr Nicholas
Brady, who inferred at the
Munich G7 summit that the
Bundesbank might cut interest
rates soon.
The DAX lost 4.85 to 1,767-51
after an early loss of 10 points,
and a fall of 3.10 to 697.36 in
the FAZ at midsession. Dealers
said that the rebound might
have been technical, as futures
market traders were seen bay¬
ing the 30 DAX shares to nar¬
row the gap between the cash
index and the DAX futures
contract.
Siemens shed DM6 to DM667
after saying on Monday that it
saw little room for a higher
dividend on 1991-92 results.
Chemicals also came under
FT-SE Eurotrack lOO - Jul 7
Hourly changes
Open 10.30am 11 am 12 pm 1 pm 2 pm 3 pm dote
1131.10 1129.10 1128.55 1128.36 1129.48 1130.00 1130.12 1129.83
Day’s High 1131.10 Day's Low 1127.93
Jul 6
1134.09
Jul 3
1142.19
Jul 2
1134.63
Jul 1
1132.36
Jun 30
1139 jfl
B«e miim iooo pen 0*0).
pressure from expectations of
poor second-quarter results.
Bayer leading the way down
with a fall of DM2.60 to
DM27950.
Schering overcame the trend
to dose with a gain of DM9.40
at DM732.40 on talk that it was
about to announce it had found
buyers for its chemicals busi¬
nesses.
ZURICH liked the Brady
comments but not the higher
dollar, and the SMI index
closed 6.0 down at 1,856.6 after
an earlier low of 1,850.3.
Nestle bearers fell SFrlOO to
SFr9,450, dealers saying that
there had been several major
sell orders. Brown Boveri, also
export-sensitive, lost SFr40 to
SFr4j50 francs.
PARIS was given a late lift
by the bond market but turn-
over remained thin, with only
FFri^bn worth of business.
The C AC-40 index finished
10.57 higher at 1,879.09 in quiet
trading.
Alcatel Alsihom remained
active, adding FFr13 to FFr654,
white tiie lower dollar and fad¬
ing hopes of an early economic
recovery in the US. prompted
profit-taking in Rhone-Poulenc
which dropped FFr24 or 4 per
cent to FFr559.
Havas ended 60 centimes-
lower at FFr495.90 with 215,000
shares traded, as two blocks
were traded ahead of the July
15 expiry of a warrant issue.
AMSTERDAM was knocked
lower by. some disappointing
company reports and the
weaker dollar. The CBS Ten¬
dency index eased 0.5 to 121.7.
. The office supplies group.
Oce van der Grinten. shed
F14BG or 7 per cent to FI 64.70
after releasing poor second-
quarter results. The food pro¬
ducer Nntricia fell FI 7.90 to
FI 145.50 after its chairman
raid that recent profit growth
would be hard to maintain.
MILAN got dangerously
close to the support level of 420
on the Comil index as it fell
7.15 to 4S4J20 in turnover esti¬
mated at slightly more than
Monday's low L72-lbn.
Dealers said thatthere were
rumours of financial problems
at various Sims, due to losses
incurred in the bond market,
which has fallen heavily on
currency devaluation fears.
The recent rise in interest
rates and the government's
plans to freeze public tariffs
weighed in particular on the
telecommunications sector.
Stet fell L26 to L1.629 and was
down to L1.5S0 in the after-
market Sip lost L43 j to L1.187.
OSLO ended mixed in thin.
trading, with Aker- A shares
gaining NKr2.5 ‘to NKr54 on
news the company had -sold its
stake In Spanish cement com.
pany. Valenciana. The all-
share index ended firmer
at 397.71 in low turnover of
NKrl82m-
MADRXD suspended Valen¬
ciana ahead of a takeover bid
by Cemex of Mexico, report¬
edly at Ftal&OOO a share. Val¬
enciana closed off: Pta350 at
Ftal4j00 on Monday. The gen.
eral judex fall 0.45 to 236.29.
STOCKHOLM cited the weak
dollar as the AfFSrsvacWen
.General index fall another 9.7
to a new; 1992 low of 894^.
TreUeborg, the metals group,,
'saw its B shares fell SKrt
lower at SKrl06 while A shares
in Asaa, one of this year's top
performers in Europe, fell SRrg
to SKr383 for an accumulated -
SKrl4 loss this week..
TEL AVIV closed sharply
higher -in active trading on
strong baying by mutual
funds, the blue chip index ris¬
ing 3.13, or 2.1 pec Cent to
153.09 in turnover --- of
Shkl37-5m. - I.'..'
ASIA PACIFIC
Weak construction sector pulls Nikkei down
Tokyo
Corruption allegations
harm Brazilian equities
The political uncertainty has led to volatility and
a drop in trading volume, says Bill Hinchberger
Sharp fluctuations, with
diminishing volumes,
have characterised the
precipitate downward career of
Brazil’s equity market during
last two months.
During a lull in the country's
wounding political crisis, the
index of the Sao Paulo Stock
Exchange (Bovespa) recovered
by 5.3 per cent on Monday, fol¬
lowing a 6.2 per cent drop on
Friday. By noon yesterday it
gained a further 4.7 per cent to
22,387. However, it had fallen
by 46.7 per cent in dollar terms
between April 22 and June 30.
sustaining its worst one-day
fall of the year on Monday,
June 29 with a drop in dollar
terms of 15.6 per cent.
Volume, meanwhile, was
S33.9m on Monday, down from
an already record low for the
year of S43.4m on Friday. Trad¬
ing for the Erst days of July
was 43 per cent lower than the
same period in June, when vol¬
ume had dropped by 19.3 per
cent from May. Daily trading
of SlOOm. commonplace just a
few months age, is becoming a
distant memory.
Since the last week of May.
the malaise in the market has
reflected allegations of corrup¬
tion involving President Fern¬
ando Collor de MeUo, either in
the press or in the parliamen¬
tary inquiry into charges of
influence peddling and other
wrongdoing by Mr Paulo Cesar
Farias, a businessman who
was treasurer of Mr Collor’s
campaign.
Analysts are beginning to
say that the ability of new rev¬
elations to shock the market
may be wearing thin. The rise
in the index on Monday came
in spite of a new series of alle¬
gations in the press on Sunday.
"The effect of the headlines
may be diminishing,'' says Mr
Julius Buchenrode, director for
investments of the local sub¬
sidiary of Chase Manhattan
Bank.
However, investors who saw
the market rise by 152 per cent
in dollar terms in 1991. after a
punishing crash in 1990 when
Brazil
Jan 1992
Saw Datagram
the Bovespa fell 71 per cent in
dollar terms, seem to be voting
with their feet.
They may be waiting for a
definition in the political sce¬
nario. The parliamentary com¬
mission is continuing its inves¬
tigation, and some members of
Congress are calling for Mr
Collor’s resignation. The presi¬
dent says that be will stand
firm, which could lead to a
debate on impeachment.
There is also uncertainty
about the depth of the presi¬
dent’s parliamentary support
and the future of the economy
minister, Mr Marcilio Marques
Moreira. if Mr Collor were to
step down. Mr Moreira has
become a symbol of stability to
the business community.
"I'd say that everything is
being contaminated [by the
political situation], and you
should not draw conclusions
on any investment,” says Mr
Ken Baxter, general manager
for foreign funds of the Bozano
Simonsen bank. -
With growing uncertainty,
trading is becoming even more
concentrated than before, even
by the normal standards of the
traditionally narrow bourse.
On Monday. Telebras, the pub¬
lic telecommunications com¬
pany which makes up one-
third of the Bovespa index,
accounted for 64 per cent of
volume; 90 per cent of trading
was restricted to blue chip
shares. Telebras rose by 10 per
cent, and Companhia Vale do
Rio Doce. the state-controlled
mining group, by 4.7 per cent.
This concentration is revers¬
ing a trend evident before the
political crisis: a move toward
second-line equities, shares tra¬
ditionally short on liquidity
but in companies that are often
industry leaders in Brazil.
Traders disagree whether the
current retrenchment is a
response to current low prices
for blue chips or if it reflects a
search for greater security dur¬
ing the political upheaval.
The ability of foreign
investors to adjust to
uncertainty in the Bra¬
zilian equities market was
improved by the National Mon¬
etary Council's announcement
last week that foreign inves¬
tors will be eligible to operate
In the options and futures mar¬
kets. Previously, the only
hedge available to foreign insti¬
tutions, allowed to invest
directly in Brazil since last
year, was the foreign exchange
market.
RUMOURS of bankruptcy at a
construction company listed on
the over-the-counter market
depressed sentiment, construc¬
tion and real estate-related
issues fell, and the Nikkei aver¬
age declined for the third con¬
secutive day, writes Emiko
Terazono m Tokyo.
The Nikkei fell 197.52 to
16,459.55. Small-lot arbitrage
buying pushed it up to a day’s
high of 16,709 j6 in the morn¬
ing, but jitters over the con¬
struction company then spread
throughout the market, and
the index fell to the day's low
of 16,420.81 on mid-afternoon
selling.
Volume remained low at
170m shares, rising marginally
from 161m. Investment trusts,
which had supported the mar¬
ket last week, were absent.
Declines led advances by 706 to
211 with 173 unchanged, the
Topix index of all first section
stocks fell 16.39 to L27I.15 and,
in London, the ISE/Nikkei 50
index fell 2JB7 to 995.57.
Concerns about financial
problems at Royal Construc¬
tion shook investors, as the
Japan Securities Dealers Asso¬
ciation suspended afternoon
trading in the shares on the
OTC market. After the market
dosed, Royal announced that
it would seek court protection.
Investors were also worried
over reports that Shuwa, the
land and stock speculator and
leading shareholder of Isetan,
the department store, had used
Isetan shares as collateral for
loans.
Property -related issues and
construction stocks plunged.
Dalkyo, the condominium
builder, which had previously
retreated on rumours of finan¬
cial problems, fell Y47 to Y733,
and Misawa Homes, which was
recently sold on similar con¬
cerns, declined Y48 to Y951.
Leading construction compa¬
nies fell, with Obayashi down
SOUTH AFRICA
JOHANNESBURG fell as pri¬
vate investors sold out,
unnerved by local political
developments. The industrial
index lost 68 to 4,367. The
overall index was 55 lower at
3,544 and the gold index shed
19 to 1,066.
FT-ACTUARIES WORLD INDICES
Jointly compiled by The Financial Times Limited. Goldman, Sachs & Co., and County NatWest/Wood
Mackenzie in conjunction with the Institute of Actuaries and the Faculty of Actuaries
NATIONAL AMD
REGIONAL MARKETS
Figures In parontnesvs
Show number of lings
ot KOCk
TVESOAY JULY T 1992
us
Dollar
indoji
Days
Changci
Pound
Sterling
Indei
Van
Irtde*
DM
Index
Local
Currency
Indo*
Local
% eng
on day
Gross
Civ
Yield
US
Ircex
Ausiralla |69) .
. 147.06
-0.3
113.20
115.64
114.53
131.46
Kill
147,53
Austria 119) .
.. 173 08
+ 0.6
133.24
136.11
134.80
134.81
-0.3
2.17
172.05
Belgium M2) .
148 75
■*■0.4
114.51
116.96
115.85
113 35
-0.3
5.43
148 17
Canada (115) .
. 127 10
-0.1
97.84
99.94
98.S8
110 12
-0.4
329
127 20
Denmark (351 .
. 245.63
+ 0.6
189.08
19316
19130
192.60
-0.3
1.82
244 07
Finland (15) .
7915
+ 0.5
60 52
62.24
61.64
67 79
-0.6
208
70.78
France (104) .
. 164.80
+ 13
126.86
129.58
128.34
130.35
+0.3
358
16264
Germany 165) .
129.32
+ 0.4
39.55
101.70
100 71
100.71
-0.5
2.29
128.74
Hong Kong (55» .
. 249.94
-1.8
192.39
196.53
194.66
248.12
-18
3.30
254.47
Ireland (16) .
158 33
“r 2.1
121.88
124.51
123.31
125.58
+ 1.4
4.32
155.01
Italy (78) .
66.80
-0.9
51.42
52.52
52 02
56.47
-20
3.70
67 44
Japan (473) .
. 10005
-1.3
77.02
78.67
77.93
70.67
-1.4
1 03
101.34
Malaysia (591 .
241.74
+ 0.4
186.09
190.09
183.26
232.62
+ 0.3
2.09
240.69
Mexico (18) .
.1460.88
-0.5 1124.55 1148 76
1137.74 4978.21
—06
1.19
1488.13
Nelherland (25J .
164 82
+ 0.8
12688
129 61
128 37
127 06
-0.1
4 41
163.44
New Zealand (14) .
. 47.57
+ 09
36.62
37 41
37.05
46.39
+ 08
4.90
47.16
Norway (231 .
173.02
+ 0.7
133.19
136.06
134.75
138.03
-C.1
1.84
17188
Sinqapore (38) .
. 219.10
-0.5
168.66
172 29
170.63
162 91
-0.5
2.04
220.18
South Africa (61) .
208.91
-0.2
160.B2
164.28
16270
17&2Q
-1.4
2.90
209.42
Spam (50) .
153.27
+ 1.0
117 98
120 53
119.37
109 96
+00
5.34
151.73
Sweden (29) .
. 194.20
-0.1
149 49
152 71
15124
155 62
-1.0
Switzerland (63) .
11320
+ 02
87.14
89.02
88.17
94.54
-0.4
2.27
112.98
United Kingdom (227) ....
19187
+ 17
147.70
150.86
149.41
147.69
+0.9
502
18865
USA (523) . . .
166 63
-l 1
128.27
131.04
129.78
166.63
-1 1
3.00
168 52
Europe (791) .
154.79
+ 1.0
119.16
121.72
120.56
120.44
+ 02
401
153.19
Nordic P02> .
180.72
+ 0.2
139.11
742.11
14074
138 49
-0.7
227
18035
Pacific Basin (713) . . ..
106 67
-1.2
82.11
83.88
32.03
85 27
-1.3
1.45
107 97
Euro -Pacific (1509).
126 13
-0.1
97.09
99.17
9822
99 80
-0.8
271
126.25
North America 1638) .
164.15
-1.1
126.36
129 09
127 86
162.78
-1.1
302
165.92
Europe Ex. UK (584) .
13230
+ 0.6
101.84
104.06
103.06
104.59
-0.3
329
131.55
Pacific Ex Japan (245)....
17153
-0 8
132.27
135 14
133.84
153.37
-0.8
3.49
173.25
World Et US\17UJ) .
127.89
-0.1
98.44
100.57
99.60
102.18
-06
2.72
128.03
World Ex UK (1999) .
135.09
-0.B
103.99
106 24
105-22
119 39
-10
255
136 19
World Ex. So Af. 12165)..
13957
-0.5
107.44
109.76
108.71
121.50
-08
283
140 30
World Ex. Japan (1753)...
162 33
-0.3
124 96
127 66
126 44
146.98
-0.6
3.38
162.78
The World Index (2226)...
139.99
-05
107.76
no.oa
109.03
122.02
-0.8
283
140 72
MONDAY JULY 8 1392
DOLLAR INDEX
PouM
'•ntet
Yen
l.idei
DM
)nde«
Local
Currency t«2
index
High
19 K
La*
Year
ago
(approx)
13178
135.21
113 64
110.53
183.12
66.18
129.99
101.26
252.64
123.99
57 61
7975
232.03
1139.80 115540 1154.84 500S.7B 178977 1355-22 104191
126.86 123.62 128.56 127.15 165 22 147.88 130.95
46.03
13S 21
163 66
180.74
llfi 00
157 39
94 67
146.43
168.52
114.52
133.55
115.01
98.73
1C9.45
61.15
12625
9953
197.52
120.32
5234
78.66
136.99
116.10
135.40
116.60
100.10
19208
6200
127 99
101.33
200-25
121.99
53.07
79.75
169.57
116.05
135 34
116.55
100.05
19129
61.97
127.92
101.26
200.17
121.93
53.04
79.73
189.46
15368
188.70
148 75
142.12
273.94
89.80
168.75
129.32
259.55
173.71
60.86
140 95
250.18
140.94
162.48
135.87
124.32
226.81
73.64
148 06
114.67
176.36
151 78
66.80
88.70
21249
142.53
175 82
124.38
136.47
24301
93.38
123.07
103.84
163.19
14202
7220
123.73
226.70
26.50
133.40
170.91
162.55
117.78
150 94
87.70
146.43
130.81
37.11
135.25
173.28
164 80
119.41
153.04
88.92
148.45
132.63
37.09
135.19
173.19
164.72
11935
15297
88.88
148.38
13256
48.52
19295
229 63
263.60
1S172
200.26
113.51
200.07
171.66
42.01
161.26
19278
203.16
148.88
173.09
95.99
165.85
160.92
47.64
168.72
189.62
243.09
141.11
166 65
67.83
160.85
152.29
118.91
139 99
83 81
90.01
128.79
102.11
134.48
99.38
105.71
10851
126 35
120.56
141.93
84.97
99.36
130.59
103.54
136.36
100.77
107.18
110.43
128-12
120.51
141J6
84.93
99 31
130.54
103.50
136 29
10072
107.14
11037
128.06
120 26
139.42
86.37
100.33
164.57
104.95
154.61
102.78
120.61
122.47
147.90
156.86
188.52
141.97
145.21
169.69
132 JO
17531
146.91
150.58
153.05
.165.40
139.31
169 66
94.40
113.80
15a 70
121.81
149.00
116.45
127.21
130.04
153.20
129.25
180.21
125.41
12735
151.35
110.20
142.18
129.38
133.76
135.43
144.01
10933 110.75 110.70 123.00 153.70 130 66 138.H
Copyright, The Financial Times Limited. Goldman, Sachs S Co. and County NatWest Securities Limited- 1987
Y10 to Y542, Talsei losing Y24
to Y660 and Shimizu Y30 to
Y911.
Isetan plunged Y190 to
Y1.540. Other retailers were
also weak, frith Seven-Eleven
Japan plunging Y340 to Y6,900
and Ito-Yokado losing Y19Q to
Y3S20.
Penta-Ocean Construction,
which surged on Monday on
reports that the company had
won an order to expand a sec¬
tion of the Suez Canal, lost Y55
to Y828 on profit-taking.
Matsushita Electric Works
fell Y30 to Y1.040- The com¬
pany forecast a 30 per cent fall
in pre-tax profits for the cur-
rent year to November this
year, the first fall in six years.
Mitsubishi Materials
advanced Y6 to Y416 on reports
that the company was likely to
win an order to supply pipes
and tanks for a nuclear facility
in northern Tokyo.
In Osaka, the OSE average
lost 258.40 to 19,309.01 in vol¬
ume of 7m shares.
Roundup
DECLINES led advances in the.
region yesterday, although
Bombay stayed in suspension
end Manila was closed for a
public holiday.
HONG KONG - finished
sharply lower, reflecting politi¬
cal worries after three days of
high level talks in Beijing on
Hong Kong's massive airport
project ended on Monday with
no agreement on funding.
The Hang Seng index fell
112B5 or L9 per cent to 5J911.92
after an intraday low of
5,857.47. Among blue chips,
HSBC was the most active
stock as it lost HK$1 to HK$49,
followed by Sun Hung Kai
Properties, down HK$1 to
HK$32.75. Turnover dropped
from HKSS.lhn to HK$3.6bn_ .
SEOUL closed at a 58-month
low for the second consecutive
day. and white the composite
index only fell 0.38 to 535.34, a
land gre priai involving former
military officers continued to
dampen depressed sentiment
• Police were tracking promis¬
sory notes issued by First Life .
Insurance, believed to be trad¬
ing in the black market at a
discount.
TAIWAN fell as hopes foran
early interest rate cut faded,
the weighted index , ending
79.75, or L8 per cent lower at
4,432.22, turnover staying
active at TS2S.7bn against Mon-
day*s.TS28.7bh. -
AUSTRALIA closed slightly
lower in dull trading as inves¬
tors waited for a cut in interest
rates. The All-Ordinaries index
lost 3.2 to 1,660.5 in modest
turnover of A$200.6m.
Banks were' lifted by the rate
cut hopes, -with Bank of. Mel¬
bourne and Bank of Queens¬
land gaining 4 cents to A£L33
and A$5.00 respectively.
NEW ZEALAND closed at its
best level in almost four
weeks, as investors took heart
from the. prospect of lower
interest cates.
The NZSE-40 index rose 17.18
to L559.G7 but turnover was a
modest NZ$21. 76m. Among
active second-liners, PDL rate
25 cents to NZ$&85 while Mich¬
ael HiR rose 17 cents to NZ$2.00
and Transmark rose 30 cents to
NZ$3.00 after publishing its
annual report
KUALA LUMPUR was
pushed, higher . by afternoon .
buying of second- and third-lin¬
ers by retail investors. The
composite index rose 0:95 to .
596.70 in volume. Of 56.5m
shares. Sungei Besi led the
actives with 4.6m &ares
traded, rising 10 cents to
MH52. South Malaysia indus¬
tries closed up 24 cents at
MS3.18 :on talk that the priva¬
tised Sabah Shipyard would be
ixtfected into SML
KARACHI fell further as tex¬
tile mfTii: threatened tocut pro¬
duction. The 100-share index
fefi 19.71 to 1,460.60. DHAKA
receded farther in dull trading,
the all-share index ending 8.18
lower at 37452.
This aunaimaxnan appears as a maim of record paly.
PMP©
3 Jul/ 1992
Transmediterranean Pipeline Company Limited
US$260,000,000
Snam
Credit facility
guaranteed unconditionally and severally- by
and .
comprising
SONATRACH
US$200,000,000
Italian Buyer Credit
Interest rate subsidy provided by
Istituto Centrale per il Credito.a Medio Termine
partially insured by
sAce
and
US$60,000,000
Eurocommercial Loan
J°r
The Sicily Channel Section
of the
Algeria/Italy Transmediterranean Gas Pipeline Project
Lead managed by
ENI International Bank Limited
Credit Lyonnais
Gulf International Bank B.S.C.
Istituto Bancario San Paolo di Torino S.p.A.
Arranger and Agent
Morgan Grenfell & Co. Limited
fa.
iV.
r- ■■ !
Morgan Grenfell & Co. Limited
Credito Italiano; London Branch
Hill Samuel Bank Limited
The Sumitomo Bank, Limited
.Italian Paying, Agent ■
Credito Italianb, Milan Branch
la this transaction the undersigned acted as adviser
v.
•• WS-fey.. - V
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